CODE|No|DESCRIPTION
AIEQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFEB|15|PendingDownload the FactSet Analyst Insight Reporthere.
LRGE|15|PendingDownload the FactSet Analyst Insight Reporthere.
RFDI|15|PendingDownload the FactSet Analyst Insight Reporthere.
CTEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
DUDE|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMNT|15|PendingDownload the FactSet Analyst Insight Reporthere.
RLY|15|This ETF takes a multi-pronged approach to combating inflation, combining exposure to inflation-linked bonds with commodities, domestic and international real estate, and publicly-traded companies operating in natural resource businesses. RLY takes a comprehensive approach to tackling a potentially tricky challenge to portfolio management, giving investors a potentially powerful tool for protecting assets against the adverse impact of rising prices. As such, this ETF could potentially be used in small doses in a long-term portfolio, smoothing out overall volatility and giving a baseline defense against inflation. RLY’s underlying portfolio is very well-balanced; exposure is split fairly equal among each of the above mentioned asset classes. This fund shouldn’t be expected to deliver huge gains in any environment, but can be a useful tool for those concerned about capital preservation when inflationary pressures are intensifying. Investors should note that RLY is structured as a fund-of-funds; those looking to minimize costs ought to consider RRF instead, which offers comparable exposure with active-management for a slightly cheaper price tag.
FBGX|15|The UBS AG FI Enhanced Large Cap Growth ETN (FBGX) aims to double the daily return of the Russell 1000 Growth Index, an index of U.S. large-cap equities such as Microsoft, Apple and Amazon.
JCPB|15|The JPMorgan Core Plus Bond ETF (JCPB) is an actively-managed fund that can invest in a wide range of U.S. and non-U.S. debt. The fund invests primarily in investment-grade debt, and the portfolio will not, under normal circumstances, have more than 35% of its assets in riskier high-yield securities. Up to 35% of the portfolio may be in non-U.S. securities, including securities denominated in non-U.S. currencies. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in JCPB is ultimately a bet on the manager’s ability to outperform the market. JCPB is priced competitively with rivals like the SPDR DoubleLine Total Return Tactical ETF (TOTL) and the PIMCO Active Bond ETF (BOND).
DDWM|15|PendingDownload the FactSet Analyst Insight Reporthere.
MMLG|15|PendingDownload the FactSet Analyst Insight Reporthere.
FDM|15|FDM seeks to replicate a benchmark which offers exposure to the micro cap sector of the U.S. equity market. The investment thesis behind micro caps is a very similar, but more aggressive approach than small caps. The companies held in this ETF will be very small and volatile firms that have a huge potential for both explosive growth and utter failure. At one point in time most companies were micro caps, and this ETF will give investors exposure to the ones that work their way into the upper echelons of the U.S. equities market. While some exposure to these small companies is healthy for a portfolio, the allocation should be kept low as this ETF will likely exhibit a high amount of volatility as well as being incredibly risky. FDM spreads its assets relatively evenly across numerous market sectors with a slight bias toward financials and consumer stocks. However, this fund has less diversification than other micro cap funds in the field as First Trust employs a ‘select’ methodology that attempts to weed out some of the worst performers. As a result, this fund will be a good addition for investor looking for growth, but do not mind a bit of risk in their portfolio.
KOLD|15|This ETF offers 2x daily inverse leveraged exposure to natural gas, an asset class that is capable of delivering big swings in price over a relatively short period of time. Combining this volatility with explicit leverage results in a fund that has the potential to churn out big gains or losses, meaning that KOLD is really only appropriate for sophisticated, active investors.
IBND|15|IBND offers exposure to investment grade corporate bonds that fall in the middle of the maturity spectrum, thereby delivering a moderate amount of both interest rate and credit risk. IBND might be useful for investors looking to enhance fixed income returns but hesitant to lengthen duration too much.
SIXA|15|PendingDownload the FactSet Analyst Insight Reporthere.
VSMV|15|PendingDownload the FactSet Analyst Insight Reporthere.
IGEB|15|PendingDownload the FactSet Analyst Insight Reporthere.
HYDB|15|PendingDownload the FactSet Analyst Insight Reporthere.
USL|15|This fund offers exposure to one of the world’s most important commodities, oil, and potentially has appeal as an inflation hedge. Unlike many commodity products USL diversifies across multiple maturities, potentially eliminating the adverse impact of contango.
XHS|15|This ETF offers targeted exposure to health care services companies, a narrow slice of the U.S. economy that includes health care service providers, managed health care firms, health care facilities, and health care distributors. The health care sector may be appealing to investors looking to add stability to their portfolio, and this corner of the market is also capable of delivering solid distribution yields to investors. Given the relatively narrow focus, this fund probably is of little use to investors building a long-term, buy-and-hold portfolio; it will be more useful to those looking to establish a tactical tilt within their portfolios.
RETL|15|This ETF offers 2x daily long leverage to the Russell 1000 RGS Retail Index, making it a powerful tool for investors with a bullish short-term outlook for retail equities. Investors should note that RETL’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. RETL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
JPEM|15|The JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM) offers broad exposure to emerging market stocks with JPMorgan’s multi-factor twist. JPEM tracks an index that combines risk-based portfolio construction with multi-factor security selection based on value, momentum, and quality. Factors are determined by characteristics like return on equity, risk-adjusted returns, profitability, and solvency. The methodology aims to diversify risk across sectors, regions, and individual securities.
TDSE|15|PendingDownload the FactSet Analyst Insight Reporthere.
QLV|15|The FlexShares US Quality Low Volatility Index Fund (QLV) is part of Northern Trust’s stable of factor ETFs. QLV tracks a proprietary index of U.S. companies that aims for a portfolio bias toward quality and reduced volatility. The index methodology first assesses financial strength and stability based on quality metrics like profitability, management efficiency and cash flow. The lowest-scoring companies are excluded. Top holdings include Johnson & Johnson, MasterCard, Verizon, and Apple.
OUSM|15|PendingDownload the FactSet Analyst Insight Reporthere.
USOI|15|PendingDownload the FactSet Analyst Insight Reporthere.
GTIP|15|The Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) tracks an index of treasury inflation-protected securities, or TIPS: bonds that feature a principal that adjusts based on certain measures of inflation. Goldman’s particular twist is that it invests in “off-the-run” securities. The most-traded TIPS tend to be the newest issues, or “on-the-run” securities. Other rules-based TIPS strategies buy only on-the-run TIPS, which may increase demand and drive up the price. Goldman helped develop an index designed to avoid any potential feeding frenzy by buying the less popular off-the-run TIPS. The fund invests in a broad mix of fixed-rate, U.S. dollar-denominated sovereign bonds that have a minimum issue size of $5 billion and at least one year to maturity.
KORP|15|The American Century Diversified Corporate Bond ETF is an actively managed fund that seeks to generate income by investing in U.S. corporate debt. The fund seeks to maintain a duration, a measure of sensitivity to interest rate risk, of five to seven years. The bulk of the portfolio is in investment-grade debt — barely. Much of it is from borrowers rated BBB, the lower bound of the investment-grade universe. KORP also invests a portion of its portfolio in riskier junk-rated debt. The credit quality of KORP’s holdings is significantly lower than the Bloomberg Barclays U.S. Intermediate Corporate Bond Index though, as an active money manager, KORP may change the composition of its portfolio. While higher risk equates to higher yields, investors looking for the security of investment-grade may want to consider whether they’re comfortable with the risk of the portfolio. KORP is reasonably priced for active management in fixed income, though there are cheaper options for U.S. corporate debt, especially among index-tracking passive ETFs. Given its composition, KORP could be a good pick for investors looking to strike a balance between risk and income. Since active managers can switch up their holdings, investors should take a close look at the portfolio, and compare the fund’s track record with competing corporate debt ETFs.
BKF|15|This ETF offers exposure to the BRIC economies of Brazil, Russia, India, and China, and might be appealing for investors looking to tilt emerging markets exposure towards these economies and away from “quasi-developed” markets that can make up significant portions of more broad-based emerging markets ETFs. BKF is the most popular BRIC ETF, but investors should take note that the fund is tilted towards China and Brazil with smaller allocations to the other members of the bloc.
OSCV|15|PendingDownload the FactSet Analyst Insight Reporthere.
GREK|15|This country-focused fund tracks an index comprised of the top 20 companies that are domiciled in Greece, making it the first ETF to dedicate itself to this nation. GREK, from Global X, has a unique risk/return profile they may attract some while scaring off others, as Greece’s economic history has been relatively unstable.
RVNU|15|The Xtrackers Municipal Infrastructure Revenue Bond Fund (RVNU) tracks an index of investment-grade municipal bonds backed by revenue from local infrastructure projects like airports, water and sewer, and toll roads. Holdings include bonds issued by the New York City water and sewer system, the San Francisco City & County Airports, and the Tampa-Hillsborough County Expressway Authority. It’s a narrow slice of the muni bond market, which may increase credit risk.
JXI|15|This ETF seeks to replicate a benchmark that measures the performance of the utilities sector of the global equity market. An investment in the utilities sector offers several advantages to the average investor. Firstly, many utilities are a necessity in today’s world, and as our population continues to grow in the future, the demand for these companies will only increase in theory. Second, utility companies are known for their high dividend yields, giving investors a steady stream of income despite what market conditions may be like. Finally, these companies may prove to be somewhat recession proof; no matter what the economic conditions are, people still need to use electricity and other utilities to go about their daily lives. JXI spreads its assets across numerous countries, including the U.S., UK, Germany, France, and others. This product will be a good option for investors who feel that there are opportunities abroad, but still wish to obtain exposure to this robust sector in the U.S. economy as well.
RFV|15|This ETF is one of several options available to investors looking to access mid cap U.S. stocks exhibiting value characteristics, such as high dividend yields and low pricing multiples. As such, RFV may be a useful tool for those looking to implement a tactical tilt towards a sector of the U.S. equity market that may perform relatively well in certain economic environments. It is probably too targeted for those looking to build a long-term, buy-and-hold portfolio, though it can potentially be useful for fine-tuning exposure offered by other ETFs. RFV is noteworthy because of the “pure style” distinction offered; this product is very different from funds like IJJ and IWS, which often have considerable overlap with their growth counterparts. RFV focuses on a much smaller universe of mid cap value stocks, including only those with the most significant value characteristics. So for investors seeking to establish a value tilt, RFV will be a much more effective tool than broadly based funds that cast a significantly wider net and are likely to include growth stocks as well.
NUDM|15|PendingDownload the FactSet Analyst Insight Reporthere.
RXL|15|This ETF offers 2x daily long leverage to the Dow Jones U.S. Health Care Index, making it a powerful tool for investors with a bullish short-term outlook for health care equities. Investors should note that RXL’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. RXL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
ESGA|15|The American Century Sustainable Equity ETF is an actively managed fund that blends fundamental financial analysis with a strategy that invests in U.S. companies that compare favorably on environmental, social, and governance criteria, also known as ESG. ESG funds are an increasingly popular segment of the ETF marketplace, but ESGA is one of the rare ESG funds managed by stock pickers rather than an index. ESGA is rarer still in that it is one of a recent wave of non-transparent ETFs. This means the fund’s stock pickers don’t have to disclose their holdings every day, unlike most ETFs. ESG strategies offer values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. ESGA, which debuted in July 2020, will use a model to assign ESG scores to evaluate criteria like carbon emissions, board independence, digital privacy, and other issues, and only the highest-scoring companies in their respective sectors will make the cut. ESGA’s goal is to generate better returns without taking on additional risk while maintaining a stronger ESG profile than the S&P 500 index. For years, many active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets. The Securities and Exchange Commission finally approved non-transparent funds in 2019. Whether active non-transparent will pay off remains to be seen. While other active money managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers can’t. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. In practice, this may force managers to lean heavily on large cap U.S. equities, an area of the market where active managers struggle to find a persistent edge. Given ESGA’s limited real-world track record, it’s hard to judge whether the fund’s managers will do any better. ESGA also owns a substantially narrower universe of stocks than other U.S. equity ETFs, and the reduced diversification makes ESGA a better choice to augment a core U.S. large cap position rather than replace it. Using ESGA as a complement may come with other risks. It’s likely that investors already have many of ESGA’s holdings in their portfolio, and investors should be careful not to sendup with accidental overweights in individual companies or sectors. Of course, active funds can change up their portfolios, so investors should keep an eye on ESGA’s holdings over time. ESGA’s fees are reasonable for active management, but far higher than low-cost index options in the U.S. large cap space, and there are also cheaper ESG options available. Investors should compare price, holdings, and performance against plain-vanilla and ESG funds.
PYZ|15|This ETF offers exposure to the U.S. materials sector, a corner of the domestic economy that includes companies engaged in the extraction and production of various natural resources (and therefore potentially useful as a means of establishing “indirect” commodity exposure through commodity-intensive companies). Given the sector-specific focus, PYZ likely doesn’t deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the materials sector. PYZ is unique within this category due to the nature of the underlying index; this fund is part of the PowerShares Intellidex suite, seeking to replicate an index that employs quant-based screening techniques to identify companies deemed to maintain the greatest potential for capital appreciation. In return for exposure to this strategy, which has historically delivered impressive returns, investors can expect to pay a bit more; PYZ’s expense ratio is about 40 basis points higher than low cost options for materials exposure such as FBM and XLB. The unique index construction methodology has some other potential advantages; PYZ maintains much lower concentration of top holdings than do cap-weighted funds such as FBM and XLB. That means that performance isn’t as dependent on a handful of large cap stocks, potentially giving a better way to access materials. For those who believe in the merits of the Intellidex methodology and willing to pay a little extra for a shot at alpha, PYZ might be worth a closer look (First Trust’s FXZ maintains a similar objective; a comparison of these two funds and a third cap-weighted or equal-weighted option from the Materials ETFdb Category is probably a good idea for those considering an investment). Those looking to keep a cap on expenses and simply own the broader market have cheaper options available to them.
BNKU|15|PendingDownload the FactSet Analyst Insight Reporthere.
PJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
PPTY|15|PendingDownload the FactSet Analyst Insight Reporthere.
MOON|15|PendingDownload the FactSet Analyst Insight Reporthere.
BFOR|15|PendingDownload the FactSet Analyst Insight Reporthere.
QQQN|15|PendingDownload the FactSet Analyst Insight Reporthere.
BJAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
USMF|15|PendingDownload the FactSet Analyst Insight Reporthere.
HLAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
FEMS|15|This ETF utilizes the AlphaDEX strategy to invest in emerging market small caps. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings.
SLX|15|This ETF gives investors exposure to publicly traded companies primarily involved in steel production, including the operation of manufacturing mills, fabrication of productions, and the extraction and reduction of iron ore. SLX is poised to benefit nicely from increased steel demand as the global economic recovery picks up speed and from continued investments in infrastructure. SLX often trades as a leveraged play on the underlying natural resources, meaning that this fund can experience significant volatility but can be a powerful tool for profiting from a surge in steel prices.
IETC|15|PendingDownload the FactSet Analyst Insight Reporthere.
QQXT|15|This ETF offers exposure to ‘non-technology’ companies within the NASDAQ-100 Index, which mostly consists of large-cap growth stocks. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. QQXT is linked to an index consisting of about 60 holdings and exposure is tilted most heavily towards consumer cyclical and health care, while industrials and communication services receive equal weightings. This ETF comes with a hefty expense fee and viable alternatives with comparable  exposure  are currently unavailable.
BSEP|15|PendingDownload the FactSet Analyst Insight Reporthere.
DBE|15|This ETF provides exposure to some of the most popular commodities futures in the world. This includes light sweet crude, heating oil, Brent crude oil, RBOB gasoline, and Natural gas. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. Specifically, DBE provides returns on fossil fuels that are vital to economies all around the world. This product may be a good choice for investors looking to gain exposure to futures contracts on fossil fuels, but do not want the risks associated with a futures-contract purchase.
DRN|15|This ETF offers 3x daily leverage to an index comprised of U.S. REITs, giving sophisticated investors a powerful tool for expressing a bullish short-term view of the U.S. real estate sector. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make DRN inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool for hedging out a short bet on real estate or simply for speculating on a rise in the value of this asset class. But DRN shouldn’t ever be found in a long-term, buy-and-hold portfolio; it’s simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. DRN is a trading instrument, and should be treated as such.
BYLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWAW|15|PendingDownload the FactSet Analyst Insight Reporthere.
ENZL|15|This ETF offers exposure to New Zealand’s equity market, giving investors an opportunity to access a developed Asia Pacific economy that often receives little weight in portfolios. For investors seeking exposure to New Zealand is likely to be one of the only options available; even most Asia Pacific ETFs include only a minor allocation to this economy, and there are no other pure play choices available. Given the targeted focus, ENZL is probably most useful as a tactical tool for short-term tilts towards this developed economy. For those who believe that New Zealand maintains superior long term economic potential, however, ENZL may be worthy of inclusion in a longer-term, buy-and-hold portfolio; this ETF can be useful as a satellite holding for overweighting a market that is one of the smaller components of most portfolios (if it’s included at all).
FAB|15|This ETF offers broad-based exposure to U.S. equity markets, making it appealing to investors seeking to obtain domestic stock market allocation with a value tilt through a single ticker. FAB is one of the AlphaDEX products from First Trust, meaning that it is linked to an index that employs stock screening tactics with the objective of outperforming simple cap-weighted benchmarks. The AlphaDEX methodology has an impressive track record, so those in hunt of alpha may want to take a closer look at this ETF. Those seeking to minimize costs will probably steer clear, as FAB is considerably more expensive than IWW. FAB is a trade-off between the potential to beat a broad cap-weighted benchmark (such as the Russell 3000) and increased expenses.
DIM|15|This ETF offers exposure to a corner of the equity market that is often overlooked, accessing mid cap companies in developed markets that offer attractive dividend yields. DIM can be a nice tool for rounding out international exposure, making it a potentially nice complement to other products that are heavy in mega cap companies. DIM can be effective for filling in a common hole in investor portfolios, though investors should be aware that this ETF comes with a value tilt.
ECON|15|ECON offers exposure to the consumer sector in emerging markets, focusing on a corner of the market that is often overlooked by cap-weighted products but is a critical component of the emerging market growth story. Like all EGA funds, ECON is a “pure play” on emerging markets, avoiding quasi-developed countries such as Taiwan and Korea. ECON focuses in on a narrow slice of emerging markets, and can make a nice complement to broad-based funds such as EEM to result in more balanced exposure.
USDU|15|PendingDownload the FactSet Analyst Insight Reporthere.
SVAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
RNRG|15|PendingDownload the FactSet Analyst Insight Reporthere.
OMFS|15|The Invesco Russell 2000 Dynamic Multifactor ETF applies a proprietary index strategy to investing in smaller U.S. companies. Invesco starts with the Russell 2000 index of U.S. stocks, then assesses the prevailing economic environment and market conditions. Companies are scored based on the factors that are most relevant given the overall outlook. Invesco looks at economic and market barometers such as consumer sentiment, construction activity, manufacturing gauges and labor market conditions to determine whether the economy is expanding, slowing, contracting or recovering, and then scores stocks accordingly. During recovery or expansion, the fund may target company size and value, while during a slowdown or contraction the fund focuses on stocks with healthier balance sheets and reduced susceptibility to market swings. In both expanding or contracting conditions, the fund also may also target momentum stocks. The methodology excludes stocks whose multi-factor score falls below certain relative thresholds. The remaining stocks are weighted based on both the multi-factor score and the company’s weight in the baseline index. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. The result of OMFS’s methodology is a portfolio that can diverge significantly from a plain-vanilla Russell 2000 ETF. The industry and sector mix may look different, and the fund may have a tilt toward smaller companies. OMFS won’t own the full roster of companies in the Russell 2000 but the fund still owns a diversified mix of hundreds of U.S. equities. For believers in Invesco’s multi-factor approach, the fund could be a good complement to a small-cap allocation, and may even be used as a core position. However, investors should note that the fund fees, while reasonable for a factor strategy, are higher than ultra-low cost options from rival firms. Despite the higher fees, OMFS has had significant periods of outperformance compared with funds pegged to the Russell 2000. Though past performance is no guarantee of future results, that makes the fund a compelling choice, especially for factor adherents. Investors should compare fees, liquidity, performance and portfolio against other small-cap U.S. equity ETFs, both plain-vanilla and factor strategies.
PSCE|15|This ETF tracks an index that is comprised of common stocks of U.S. energy companies that are principally engaged in the business of producing, distributing or servicing energy related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil based energy. For decades, our nation, as well as the majority of the developed world, have been dependent on the use of fossil fuels as our primary means of energy. But at some point in the future, sources will begin to dwindle, and the world will be forced to adopt a new energy strategy, in order to cope for the losses that the non-renewable fossil fuel industry will inevitably see. As one of the largest consumers of oil in the world, the U.S. may be faced with this problem sooner than other nations. PSCE will give investors exposure to a wealth of small cap companies who have their hands in alternative forms of energy, any of which could become the next big producer for the country. For now, the ETF still gives investors healthy exposure to small cap oil-based firms, while also creating an upside potential with holdings based in alternative energy.
RJI|15|This ETN is linked to a broad-based commodity benchmark, as the related index includes more than 30 different futures contracts. As such, RJI offers exposure to a number of different commodity families, ranging from energy to precious and industrial metals to agriculture. The structure of RJI has an impact on its risk/return profile; as an ETN, investors are exposed to the credit risk of the issuing institution. They may also face more favorable tax treatment relative to partnerships such as DBC, and will avoid tracking error that can plague other commodity products. One caveat on RJI: average volume is minimal and spreads can be wide, so use of limit orders and potentially alternative liquidity providers is strongly advised.
XOUT|15|PendingDownload the FactSet Analyst Insight Reporthere.
QTUM|15|PendingDownload the FactSet Analyst Insight Reporthere.
DBAW|15|The Xtrackers MSCI All World ex US Hedged Equity Fund (DBAW) offers broad exposure to global equities outside of the U.S., but includes derivatives that hedge out the currency exposure that an investment in international equities brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments.
QLC|15|The FlexShares US Quality Large Cap Index Fund (QLC) is part of Northern Trust’s stable of factor ETFs. QLC tracks an index of large-cap U.S. companies that scores companies based on quality metrics like profitability, management efficiency and cash flow. The methodology weeds out the lowest-scoring companies. Top holdings include familiar blue-chip companies like Apple, Microsoft, and Johnson & Johnson.
PLRG|15|PendingDownload the FactSet Analyst Insight Reporthere.
TPHD|15|PendingDownload the FactSet Analyst Insight Reporthere.
VRAI|15|PendingDownload the FactSet Analyst Insight Reporthere.
OVB|15|PendingDownload the FactSet Analyst Insight Reporthere.
PTIN|15|PendingDownload the FactSet Analyst Insight Reporthere.
BLES|15|PendingDownload the FactSet Analyst Insight Reporthere.
FJAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
EFAD|15|PendingDownload the FactSet Analyst Insight Reporthere.
ACWF|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBDU|15|PendingDownload the FactSet Analyst Insight Reporthere.
RYJ|15|This interesting product from Guggenheim, offers investors broad based equity exposure to a group of (generally) mid and small cap firms. However, the main difference between RYJ and a number of other mid and small cap focused products is that its index is developed in concert with Raymond James Associates, an investment research company that has a dynamic stock selection process. The underlying benchmark in this fund takes Value Line’s proprietary methodology and selects 100 securities that have received Value Line’s top grade for the company’s Timeliness Ranking System. This method has performed well when compared against fellow mid cap funds such as IJH, outperforming over longer time horizons. However, FVL does have a significantly higher expense ratio than many of these counterparts so cost-conscious investors may want to avoid this fund unless they really believe in the Value Line system and its ability to consistently generate alpha over the long haul.
ENTR|15|ERShares Entrepreneur ETF (ENTR) selects the most entrepreneurial, primarily US Large Cap companies, that meet the thresholds embedded in their proprietary Entrepreneur Factor (EF). Their EF incorporates a bottom-up investment orientation, powered by artificial intelligence (AI), that stands above other investment factors such as: momentum, sector, growth, value, leverage, market cap (size) and geographic orientation. Moreover, with the aid of AI and Thematic Research, ERShares incorporates a macro-economic, top-down approach that integrates changing investment flows, innovation entry points, sector growth and other characteristics into a dynamic, global perspective model. 
RZG|15|RZG seeks to replicate a benchmark which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play’ on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. However, RZG is unique in the space because it implements a ‘pure’ system. This forces the provider to classify companies in the space as either growth or value ensuring that there is no overlap between this fund and its counterpart RZV. Thanks to this shift, this fund has substantially  less securities than similar products in the space and is relatively more concentrated. In fact, RZG holds just 150 securities and puts close to 17.5% of its assets in the top ten holdings, a far cry from some funds in the space that hold over 1,200 securities. Due to this, investors should consider this fund if they are looking to only tap into growth securities and want nothing to do with value companies in the space. The fund does charge more than others in the category but its methodology may be worth it to many investors.
JSML|15|PendingDownload the FactSet Analyst Insight Reporthere.
WTMF|15|PendingDownload the FactSet Analyst Insight Reporthere.
LEGR|15|PendingDownload the FactSet Analyst Insight Reporthere.
FNI|15|This ETF offers an one stop option for exposure to two of the world’s most promising emerging markets, China and India. FNI might be appealing as a tool for investors looking to tilt emerging markets exposure towards these two markets, lessening the weighting towards economies such as Brazil and Russia. FNI can be useful in certain situations, though an abundance of China and India ETFs make it relatively easy for investors to fine tune exposure to these economies on their own.
FXB|15|This ETF offers exposure to the British pound relative to the U.S. dollar, increasing in value when the pound strengthens and declining when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the GBP/USD exchange rate, FXB is the only real ETF option available.
SIXL|15|PendingDownload the FactSet Analyst Insight Reporthere.
RIGS|15|PendingDownload the FactSet Analyst Insight Reporthere.
FAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
MUST|15|PendingDownload the FactSet Analyst Insight Reporthere.
DOO|15|The Analyst Report for DOO is not available.
FLCH|15|The Franklin FTSE China ETF (FLCH) tracks an index of large and mid-size companies in China. Though FLCH offers broad exposure at a reasonable price, it competes in a crowded category and hasn’t attracted the assets and liquidity of rivals like the iShares MSCI China ETF (MCHI), the dominant China-focused ETF. FLCH has broadly similar sector exposure to MCHI, with some variations. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund’s portfolio are likely to be found in broadly diversified international equity funds, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio and are more appealing to short-term traders placing tactical bets on specific markets.
GCOW|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLLV|15|The Franklin Liberty U.S. Low Volatility ETF (FLLV) is an actively managed fund that seeks to identify and invest in U.S. companies with the lowest volatility profile in each sector. The fund seeks capital appreciation while aiming to provide less market turbulence than the Russell 1000 index. As with many single-factor funds, FLLV may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay a low-vol tilt on top of a core allocation to U.S. markets.
HYGH|15|PendingDownload the FactSet Analyst Insight Reporthere.
TOLZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
URE|15|This ETF offers 2x daily leverage to an index comprised of U.S. REITs, giving sophisticated investors a tool for expressing a bullish short-term view of the U.S. real estate sector. It should be noted that the daily reset feature makes URE inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a useful tool for hedging short real estate exposure or simply for speculating on an increase in the value of this asset class over a short period of time. But URE shouldn’t ever be found in a long-term, buy-and-hold portfolio; it’s simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. Investors looking for exposure to real estate for the long haul should take a look at VNQ or other options in the Real Estate and Global Real Estate ETFdb Categories. SRS is an option for making a short leveraged bet on this asset class; investors seeking 3x daily real estate exposure have both bull (DRN) and bear (DRV) options in ETF form.
IVAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
NETL|15|PendingDownload the FactSet Analyst Insight Reporthere.
BTEC|15|The Principal Healthcare Innovators Index ETF (BTEC) tracks an index of U.S. health care stocks, avoiding large-cap and less liquid companies. The index aims to score companies based on their investment in researching and developing innovative medicines, therapies, equipment, and facilities. The portfolio includes the highest ranked 150 to 200 companies. Top holdings include Seattle Genetics, Exact Sciences Corp. and Moderna, which became a household name for its vaccine efforts early the 2020 coronavirus pandemic.
FNOV|15|PendingDownload the FactSet Analyst Insight Reporthere.
OCIO|15|PendingDownload the FactSet Analyst Insight Reporthere.
DIVB|15|PendingDownload the FactSet Analyst Insight Reporthere.
HAWX|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPVU|15|The Invesco S&P 500 Enhanced Value ETF targets the 100 most undervalued stocks within the S&P 500 index. To assess whether a stock is trading at a low price relative to its fundamentals, the methodology evaluates the stock price compared with companies’ earnings, book value and sales. Proponents of value investing say under-appreciated stocks will outperform in bear markets, especially if overhyped growth stocks plunge back to earth. Value companies are often considered some of the safest and most stable bets in the world, though limited growth opportunities means they may lag in bull markets. SPVU is reasonably priced for an index ETF, though it charges higher fees than some ultra-low-cost rivals. SPVU also invests in a narrow subset of value stocks, making it less diversified than competing value ETFs. SPVU could be a good choice for investors who want to overweight large-cap U.S. value, though investors should compare fees, liquidity and performance against other U.S. value ETFs.
FNK|15|This ETF is one of several that offers targeted exposure to mid cap value stocks, a corner of the U.S. stock market that features a unique risk/return profile relative to equities of other sizes and styles and that may be attractive in certain environments. Given the narrow focus, FNK might not be a consideration for those building a long-term, buy-and-hold portfolio; many investors will elect to achieve exposure to this segment of the domestic market through more broadly-based equity ETFs that don’t focus exclusively on a single style. FNK might be most effective for those interested in establishing a tactical tilt towards mid cap stocks. FNK is different from other options in the Mid Cap Value ETFdb Category because of the strategy employed by the underlying index. FNY is part of the AlphaDEX suite of products that are linked to indexes that use quant-based screens to select individual stocks deemed to possess the greatest potential for capital appreciation. Access to this process, which is based on quantitative analysis, comes with a higher price tag; FNK has an expense ratio well above the low cost ETF options such as VOE or IJJ. For those who believe that the AlphaDEX methodology is capable of generating excess returns over the long run, FNK might be an appealing way to access this asset class. For those looking to keep costs down and are happy to simply own the market, this ETF probably isn’t all that appealing. Investors that fall into that camp are more likely to utilize an ETF such as VOE or IVOV, both of which are cheaper than FNK by wide margins.
HYHG|15|PendingDownload the FactSet Analyst Insight Reporthere.
PXE|15|This ETF offers exposure to the exploration and production sub-sector of the domestic energy market, making it a potentially useful tool for those looking to target stocks of companies responsible for discovering and accessing new deposits of oil and gas. PXE is likely too targeted for those with a long-term focus, but can be useful as a tactical overlay or as part of a sector rotation strategy. PXE is part of the suite of Intellidex product from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PXE to be the ideal way to access this corner of the U.S. energy market; those not convinced about the methodology may prefer cheaper ETF options such as XOP or IEO.
IMFL|15|The Invesco International Developed Dynamic Multifactor ETF applies a proprietary strategy to investing in non-U.S. companies. Invesco starts with a FTSE index of large- and mid-cap stocks, then assesses the prevailing economic environment and market conditions, and then scores companies based on the factors that are most relevant given the overall outlook. Invesco looks at economic and market barometers such as consumer sentiment, construction activity, manufacturing gauges and labor market conditions to determine whether the economy is expanding, slowing, contracting or recovering, and then scores stocks accordingly. During recovery or expansion, the fund targets company size and value, while during a slowdown or contraction the fund focuses on stocks with healthier balance sheets and reduced susceptibility to market swings. In both expanding or contracting conditions, the fund also targets momentum stocks. The methodology excludes stocks whose multi-factor score falls below certain relative thresholds. The remaining stocks are weighted based on both the multi-factor score and the company’s weight in the baseline index. To prevent concentration, individual company’s are capped at 5 percent of the portfolio. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. It’s important to note that IMFL’s baseline index includes South Korea among developed markets, whereas other indices classify the country as an emerging market. Investors who mix and match funds from different providers should make sure they’re not unintentionally overweighting or underweighting South Korea. Investors should also note that IMFL owns a significantly narrower universe of companies than broadly diversified plain-vanilla international equity ETFs like the ultra-low cost options from iShares and Vanguard. For investors looking for a factor-based approach to international investing, IMFL could be a good complement to a core portfolio allocation. However, IMFL would not be a good fit to replace a core position due to the fund’s relatively narrow holdings. The fund’s fees are reasonable for an international multi-factor fund, but they are higher than competing plain-vanilla international equity funds. Investors should compare price, performance and portfolio against other developed market ETFs, both plain-vanilla and factor strategies.
HYLD|15|This actively managed ETF targets junk bonds seeking to provide investors with high levels of current income while looking to mitigate downside risks as much as possible. The fund managers look to do this by focusing on the secondary market of bonds while at the same time avoiding recently issued notes that were released at the height of the bubble in 2006-2008. The company also shuns a ‘cap weighted’ approach which they believe gives higher weightings to the companies that are most in debt, leaving a portfolio dangerously overrepresented in subpar bonds. So far, the fund has outperformed all others in the ETFdb Category by a wide margin while paying a much higher yield as well. Thanks to this outperformance, investors should consider HYLD as a go to choice for exposure in the junk bond space, so long as they can stomach the relatively high expense ratio. The fund could be especially beneficial for those looking for a boost to current incomes far above comparable Treasury bond levels and other products, an important factor in today’s low yield environment.
AFIF|15|PendingDownload the FactSet Analyst Insight Reporthere.
IMTB|15|PendingDownload the FactSet Analyst Insight Reporthere.
RFDA|15|PendingDownload the FactSet Analyst Insight Reporthere.
RJA|15|This ETN offers exposure to agricultural commodities, seeking to replicate a well-known commodity benchmark. Given this relatively narrow focus, RJA probably doesn’t have much use for those building a long-term buy-and-hold portfolio; it will be better suited to those looking to implement a shorter-term tactical tilt towards agricultural commodities. RJA is just one of many options out there for exposure to agriculture, and the low volume and occasionally wide spreads may be cause for concern. RJA can be an effective tool for gaining exposure to agricultural commodities, but DBA offers better liquidity while UAG is cheaper. It should be noted that this product is an ETN, meaning that unlike ETFs (such as DBA) it will expose investors to the credit risk of the issuing institution but will avoid issued related to tracking error (which can be material in the commodity space). Moreover, the tax treatment across commodity ETFs and ETNs may be unique. And it is critical to note that the underlying index consists to futures contracts; as such, RJA won’t necessarily offer exposure to spot agriculture prices.
CVY|15|This ETF is designed to focus on companies with high income and superior risk return profiles, making CVY one of the funds that blurs the line between active management and passive indexing. Those who believe the methodology employed by the index provider is sound may find CVY as a useful tool for enhancing current returns and maximizing dividend yields, while those who prefer to minimize costs and believe in efficient markets will likely gravitate towards cheaper options out there. CVY could potentially be used as a core holding within a portfolio, though the limited nature of the underlying portfolio (less than 200 stocks) may make such a strategy less than optimal. CVY may make sense as a satellite holding for investors looking to identify strategies with the potential to generate alpha over the long term packaged around a core of more traditional passively-indexed products.
RBIN|15|The Nationwide Risk-Based International Equity ETF (RBIN) tracks an index of large-cap U.S. equities outside of North America. RBIN follows the Rothschild & Co. Risk-Based International Index that assesses securities for risk and volatility, eliminating the riskiest 50 percent of the universe. The remaining securities are weighted by volatility and correlation, in an effort to make sure that every stock contributes the same amount of risk to the portfolio. There are about 200 stocks in RBIN’s portfolio.
CHAD|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMBD|15|PendingDownload the FactSet Analyst Insight Reporthere.
PWC|15|This ETF takes a fundamental approach to investing, tracking the Dynamic Market Intellidex Index. This benchmark seeks to select U.S. stocks from each sector identified as having the greatest capital appreciation pursuant to a proprietary Amex Intellidex Methodology. Thanks to this approach, the fund is very diversified across sectors and across market capitalization levels, although it it is slightly biased towards large cap securities. Furthermore, it should be noted that the fund also has a tilt towards growth securities suggesting that it may be too risky for value investors. In total, the fund has roughly 100 securities and it does a decent job of dividing up assets between them; no one fund makes up more than 4.6% of total assets and the top ten holdings take up a reasonable 31.5% of total assets. While this may be a little expensive for a growth fund that is tilted towards large caps— the expense ratio is 59 basis points— the methodology has thoroughly crushed the S&P 500 over the long term and the short term although it has been underperforming over the five year period by a small margin. Nevertheless, for investors willing to fork over a little more for extra fees, this methodology may be on to something and could provide growth oriented investors with a solid choice for a small part of their portfolios.
ELD|15|This ETF offers exposure to debt of emerging markets issuers that is denominated in local currencies, making it a potentially attractive option for investors interested in diversifying fixed income exposure beyond U.S. borders. This asset class can be valuable both as a hedge against the U.S. dollar and as a means for enhancing current returns in low interest rate environments. Unlike EMB and PCY, this ETF focuses on debt denominated in the currency of the issuers, and unlike EMLC and EBND this ETF is actively managed. For emerging markets bonds exposure, ELD is a good option thanks to cost efficiency and the flexibility afforded by the active structure.
HEGD|15|PendingDownload the FactSet Analyst Insight Reporthere.
HSRT|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSJQ|15|The Invesco BulletShares 2026 High Yield Corp Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from high-yield exposure can sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income and diversification for a competitive fee, though large investors may want to be conscious that the liquidity constraints of the underlying market may lead to wider spreads. Investors should also compare performance and liquidity against some of the popular active and passive junk-debt ETFs on the market.
LSAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
DVOL|15|PendingDownload the FactSet Analyst Insight Reporthere.
GVAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
POTX|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSR|15|This ETF offers exposure to real estate investment trusts within the U.S. equity market, an asset class that has been recently overlooked by many investors following the unprecedented housing crisis. PSR follows the FTSE NAREIT Equity REITs Index, which has just fewer than 50 holdings diversified primarily across mid and large-cap equities. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). IYR is a cheaper and more liquid alternative available, while FRL boasts the lowest expense fee in this category.
MFEM|15|PendingDownload the FactSet Analyst Insight Reporthere.
PXUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
SRTY|15|This ETF offers 3x daily short leverage to the Russell 2000 Index, making it a powerful tool for investors with a bearish short-term outlook for small cap equities. Investors should note that SRTY’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SRTY can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FAZ|15|This ETF offers 3x daily short leverage to the Russell 1000 Financial Services Index, making it a powerful tool for investors with a bearish short-term outlook for the broad financial market. Investors should note that FAZ’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. FAZ can be a powerful tool for sophisticated investors who are bearish on the financial industry, but should be avoided by those with a low risk tolerance.
VIXM|15|This ETF offers exposure to medium-term VIX futures, giving investors a way to achieve exposure to an asset class that often exhibits a strong negative correlation with equities. It should be noted that VIXM does not offer exposure to the spot VIX; rather it replicates an index comprised of futures contracts, and as such will be impacted by factors beyond simply movements in the “fear index.” Because VIXM consists of longer-dated futures contracts, it may feature diminished correlation to the spot VIX, but generally won’t be subject to the significant contango-related return erosion experienced by short term products such as VXX, VIIX, or VIXY. Still, this product should not be a component of long-term buy-and-hold portfolios; it is designed for sophisticated investors with a short-term focus, and is nearly guaranteed to lose value over the long run. One structural note: VIXM is an ETF, whereas the products offering similar exposure (VXZ and VIIZ) are ETNs. ETFs aren’t exposed to credit risk, but may experience tracking error. Also, there can be different tax treatments between the two; the nuances should be understood when determining which is best for your objectives.
RBUS|15|The Nationwide Risk-Based U.S. Equity ETF (RBUS) tracks an index of large-cap U.S. equities. RBUS follows the Rothschild & Co. Risk-Based U.S. Index that aims to deliver on that ever-elusive promise: reduce volatility without sacrificing returns. The index assesses securities for risk and volatility and eliminates the riskiest 50 percent. The remaining securities are weighted by volatility and correlation, in an effort to make sure that every stock contributes the same amount of risk to the portfolio. RBUS has about 250 securities in its portfolio and is rebalanced quarterly.
WBND|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWMC|15|The Invesco S&P MidCap 400 Equal Weight ETF tracks an index of mid-cap U.S. equities, and equal weights its portfolio rather than weighing by market size. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a portfolio. EWMC’s sector breakdown diverges widely from its market-cap rivals, which is the point. The portfolio also tends to tilt a bit smaller. EWMC also lacks the deep liquidity provided by rival mid-cap funds, and its higher price tag is unlikely to appeal to buy-and-hold investors. EWMC could be a good pick for tactical investors that favor equal weight strategies.
NUEM|15|PendingDownload the FactSet Analyst Insight Reporthere.
EDOW|15|PendingDownload the FactSet Analyst Insight Reporthere.
IPKW|15|The Invesco International BuyBack Achievers ETF invests an index of common stock of non-U.S. companies that have bought back significant amounts of stock. The fund is an international copycat of the popular Invesco BuyBack Achievers ETF, a U.S.-focused fund that follows a similar strategy. IPKW targets companies that have reduced shares by 5 percent or more in the latest fiscal year. Companies must have minimum market capitalization of at least $250 million and must meet certain daily trading thresholds. The idea is that management buys back shares when they perceive their stock price as undervalued. The portfolio consists of mostly of large- and mid-cap stocks, and leans heavily on Japan and Canada. The fund fees are on the higher side for passive but are still reasonable for specialty strategies. The holdings are significantly more concentrated than a broad-based index ETF, so IPKW would be better as an add-on to international equity exposure rather than a core holding.
CORN|15|This fund offers exposure to one of the world’s most important agricultural commodities, and potentially has appeal as an inflation hedge. CORN may be too specialized for inclusion in a long-term, buy-and-hold portfolio, through it can be a very useful tool for expressing a tactical tilt towards this corner of the agricultural market. Investors seeking more broadly-based exposure to agricultural commodities have a number of options in the Agricultural Commodities ETFdb Category, while those seeking to access other types of resources may prefer the funds in the Commodities ETFdb Category. CORN is unique not only for the resources included but for the structure of this fund; unlike many commodity products, CORN diversifies across multiple maturities. That structure is designed to mitigate or potentially eliminate the adverse impact of contango, making CORN more useful for investors expressing a longer-term outlook on the commodity.
DAUG|15|PendingDownload the FactSet Analyst Insight Reporthere.
HUSV|15|PendingDownload the FactSet Analyst Insight Reporthere.
SGDJ|15|PendingDownload the FactSet Analyst Insight Reporthere.
PIN|15|This ETF offers exposure to Indian equity markets, making PIN one of many ETF choices for investors looking to access an emerging market that maintains both tremendous growth potential and considerable volatility. Considerable India exposure is a part of many broad-based emerging markets ETFs, but those looking to overweight this economy may find PIN to be a useful tool. Like many international ETFs, PIN leaves a bit to be desired in terms of diversification; with just about 50 components and near double digit exposure to multiple stocks, the underlying portfolio is somewhat concentrated. It’s also worth noting that the fund is dominated by large cap companies; pairing this fund with a small cap ETF such as SCIF or SCIN may result in more complete exposure to India’s equity markets. For those seeking large caps, there are some other options available, including earnings-weighted EPI and INP, an ETN that could alleviate concerns about the liquidity of Indian stock markets. PIN’s expenses may seem high compared to other equity ETFs, but the fees are quite reasonable considering the type of exposure offered (INP comes in a few basis points lower for those with major concerns about expenses).
UMI|15|PendingDownload the FactSet Analyst Insight Reporthere.
DJCB|15|PendingDownload the FactSet Analyst Insight Reporthere.
FAAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
BJK|15|This fund offers concentrated exposure to the global gaming industry, focusing in on casino operators but also holding technology firms and sports & race book operators as well. Due to this focus, the fund holds many securities that are not widely represented in many standard portfolios, suggesting that it could open up new slices of the market for investment. Although it would make for a poor core holding, BJK could be appropriate for investors seeking greater exposure to the gaming industry at large.
IBMO|15|PendingDownload the FactSet Analyst Insight Reporthere.
BAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSCI|15|This ETF is one of several options offering exposure to the U.S. industrials sector, offering a way to access a corner of the U.S. economy that includes transportation firms, providers of commercial and professional services, and manufacturers of capital goods. However, unlike most of the other products in this space, PSCI focuses exclusively on small cap securities giving the fund a tilt towards high risks but also higher rewards as well. Given the sector-specific focus, PSCI doesn’t deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the industrials sector or as part of a sector rotation strategy. Additionally, despite its focus on small caps, the fund’s fees are pretty comparable to others in the category, although they are a few basis points more than most other products. Lastly, while large cap funds are heavy in companies such as GE or UTX, this fund largely consists of products that are pretty much non-existent in other portfolios. As a result, the fund could offer investors a way to capture all of the securities in the market segment at a low cost without the very real risk of doubling-down on some of the largest names in the space.
META|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPDN|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLMB|15|The Franklin Liberty Municipal Bond ETF (FLMB) is an actively managed fund that invests in municipal bonds that are free from federal income taxes. The fund typically seeks an average maturity of five to 15 years. No one state can account for more than 15% of the portfolio. FLMB is reasonably priced for active management, though it’s a bit pricey for the segment. Investors can compare it to index-tracking funds like the iShares National AMT-Free Muni Bond ETF (MUB) or the Vanguard Tax-Exempt Bond Index ETF (VTEB).
FXA|15|This ETF offers exposure to the Australian dollar relative to the U.S. dollar, increasing in value when the Aussie dollar strengthens and declining when the American dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the AUD/USD exchange rate, FXA is the only real ETF option available.
GDMA|15|PendingDownload the FactSet Analyst Insight Reporthere.
PALC|15|PendingDownload the FactSet Analyst Insight Reporthere.
EPU|15|EPU offers exposure to Peruvian equities, by holding companies that are domiciled in the South American nation. For investors seeking investment in the nation, EPU is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. EPU is a nice option for investors who want to load up on Peru but be aware the fund could experience high levels of volatility.
ISMD|15|PendingDownload the FactSet Analyst Insight Reporthere.
LSAF|15|PendingDownload the FactSet Analyst Insight Reporthere.
BNDC|15|The FlexShares Core Select Bond Fund (BNDC) is an actively-managed fund-of-funds designed to give investors broad exposure to investment-grade debt securities, including U.S. Treasuries, corporate bonds and mortgage backed securities. BNDC gets its exposure largely by buying other ETFs, including some of FlexShares other fixed income funds, though a large slice of BNDC is invested in iShares ETFs, including the iShares MBS ETF (MBB), the iShares Short-Term Corporate Bond ETF (IGSB), the iShares Long-Term Bond ETF (IGLB), and several iShares Treasury ETFs.
FJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
QABA|15|QABA offers exposure to community banks, a sub-sector of the financial space that often receives little to no weight in broad-based indexes and ETFs. Community banks are often impacted by very different factors than giant Wall Street institutions, and as such QABA may offer be a way to complement exposure to big banks or to achieve financial exposure in a different manner. The hyper-targeted nature of this fund may diminish its appeal to those constructing long-term portfolios, but QABA can be an effective tool for establishing a tactical tilt, especially for opportunistic investors. This fund is dominated by small and mid cap stocks, and offers a risk/return profile that is unique even from regional banking ETFs such as KRE.  The balanced nature of the portfolio is appealing, as QABA presents a way to play a high level investment thesis as opposed to concentrated developments in a small handful of stocks. Most investors will find this fund to be too targeted for their purposes, but it can be a very efficient way to play a specific strategy.
VFQY|15|The Vanguard U.S. Quality Factor ETF is an actively managed fund that aims to invest in U.S. stocks that exhibit strong financial health compared with rivals. Quality may be measured by strong profitability and healthy balance sheets. VFQY, which is part of Vanguard’s suite of actively managed factor ETFs, relies on a quantitative methodology to evaluate U.S. companies of all sizes, and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so-called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others, like VFQY, target a single factor. VFQY’s portfolio can be expected to diverge from its Russell 3000 benchmark. For example, VFQY holds a significantly narrower universe of stocks than Vanguard’s Russell 3000 ETF, a passive index-tracking fund that draws from the same universe of stocks. VFQY’s fees are quite low for an active fund, but after decades of drilling investors in the futility of stock-picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. For investors with a strong quality conviction who want a reasonably-priced fund, VFQY makes a good complement to a core portfolio holding in U.S. equities. While VFQY is quite reasonably priced, investors should compare price, performance, and portfolio against other U.S. quality funds, both active and passive.
DBEM|15|This ETF offers exposure to emerging markets, making DBEM one of many products offering exposure to an asset class that is often a core component of long-term, buy-and-hold portfolios. This fund is similar to products such as EEM and VWO as far as the underlying portfolio; the overlap between these ETFs is nearly perfect. But DBEM is unique from other emerging markets ETFs because it hedges out the currency exposure that an investment in international equities entails. In addition to establishing a long position in international stocks, investors using most emerging markets ETFs are also going long the currencies of the underlying stocks (including the Brazilian real, Indian rupee, and Russian ruble) and short the U.S. dollar. DBEM uses short term forward contracts to neutralize the impact of exchange rate fluctuations, essentially isolating the local performance of the emerging market stocks as the driver of returns. While this difference may seem minor, the impact of currency movements on equities can be a significant source of return—both positive and negative—to U.S. based investors. Though DBEM’s portfolio is nearly identical to those of EEM and VWO, the risk/return profiles of these products can vary significantly.
BSCT|15|The Invesco BulletShares 2029 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee.
UFO|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHAU|15|PendingDownload the FactSet Analyst Insight Reporthere.
AESR|15|PendingDownload the FactSet Analyst Insight Reporthere.
PBS|15|This fund offers concentrated exposure to the U.S. media industry, focusing in on firms that either develop or distribute types of media across the country.  Due to this focus, the fund holds many securities that are not widely represented in many standard portfolios, suggesting that it could open up new slices of the market for investment. Although it would make for a poor core holding, PBS could be appropriate for investors seeking greater exposure to the media industry at large.
PICB|15|This ETF offers an opportunity to access corporate bonds issued by international corporations, making PICB a potentially powerful tool for investors looking to diversify fixed income exposure. While many portfolios consist of equities from around the globe, fixed income exposure is often limited to the U.S. Including PICB as an international complement to a fund like LQD has the potential to both boost returns and smooth overall risk through geographic diversification. The underlying securities are generally issued by high quality companies in Western Europe, meaning that credit risk is generally moderate. Another option for investors seeking international corporate bond exposure is IBND, which is slightly more expensive than this PowerShares fund.
MXDU|15|The Nationwide Maximum Diversification U.S. Core Equity ETF (MXDU) tracks an index of large-cap U.S. equities outside of North America. MXDU follows the TOBAM Maximum Diversification U.S.A. Index. The index, developed by TOBAM, a Paris-based asset manager, looks for large- and mid-cap U.S. equities. Instead of weighting stocks by market size, MXDU attempts to weight stocks based on measures of risk, such as volatility and cross correlation.
DALI|15|PendingDownload the FactSet Analyst Insight Reporthere.
FDMO|15|The Fidelity Momentum Factor ETF (FDMO) tracks a proprietary index of U.S. stocks, using price trends to identify companies that may outperform over the medium term, on the assumption that these companies may continue to perform well. The fund owns more than 100 securities, making it less diversified than competitors like the Vanguard U.S. Momentum Factor ETF (VFMO), an actively managed fund. As with many single-factor funds, FDMO may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors seeking to overlay a momentum tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare FDMO to rivals like the iShares Edge MSCI USA Momentum Factor ETF (MTUM), the SPDR S&P 1500 Momentum Tilt ETF (MMTM), and the Invesco DWA Momentum ETF (PDP). Vanguard also offers the actively managed VFMO.
LOWC|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFIX|15|PendingDownload the FactSet Analyst Insight Reporthere.
PMAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
CIL|15|PendingDownload the FactSet Analyst Insight Reporthere.
RFCI|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPBC|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWUS|15|EWUS offers exposure to a portfolio of nearly 270 British small cap stocks, meaning that this fund may serve as a better “pure play” on the United Kingdom economy than its more popular large cap counterpart EWU. EWUS can exhibit significant volatility in the short term, but its long term potential is lucrative and could hold appeal for those with bullish prospects for the United Kingdom. The underlying portfolio is very deep and extremely well-rounded; the top ten holdings account for less than 15% of total assets. In terms of expenses, EWUS is relatively cheap considering it offers small cap exposure for just 6 basis points more than the large cap-heavy EWU.
PZT|15|This ETF offers exposure to the municipal bond market, specifically focusing in on notes that are issued by municipalities in the state of New York. As a result, the fund is likely to be heavily influenced by any New York specific events, budget dealings, or political changes in the region. Muni investing in New York is an interesting proposition as it offers investors a nice mix of urban, suburban, and rural projects, offering immense diversification in a relatively small area. PZT offers a similar focus to its counterparts in the Category but it only tracks the best quality bonds on the market. This PowerShares fund only holds AAA-rated securities that are insured and tax-exempt. While this strategy undoubtedly decreases the default risk as well as the coupon payment, it greatly cuts down on the number of total holdings as well; PZT only holds 35 securities in total. PZT could be a good fund for investors looking for higher levels of muni exposure with virtually no risk but most would probably be better served by buying into a broader fund instead.
WFH|15|PendingDownload the FactSet Analyst Insight Reporthere.
GLDI|15|PendingDownload the FactSet Analyst Insight Reporthere.
DBP|15|DBP seeks to provide exposure to two of the most popular precious metals: gold and silver. This product generates returns based on futures contracts of the two metals, and has been trading since 2007. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. DBP will be a good choice for investors who have no preference between silver and gold exposure, and simply want access to both through a single equity-based ticker.
CBON|15|PendingDownload the FactSet Analyst Insight Reporthere.
EPHE|15|EPHE offers investors exposure to the emerging market of the Philippines by investing in securities of companies that are based in the nation. Since many of the large caps in this fund are likely to not be found in other EM funds, EPHE could make for an interesting satellite holding but is probably not appropriate as a core holding in a diversified portfolio. For investors seeking greater exposure to the Filipino market, EPHE is one of the only ‘pure play’ option available.
IGN|15|This iShares fund gives investors exposure to the networking sector of the U.S. technology market. A potentially attractive investment for many investors thanks to the rapidly developing cloud computing industry. As this technology continues to improve, these networking companies will act as a vital cornerstone for connecting users and supporting all of the new software. This ETF provides exposure to some of the biggest household names in the U.S., including Cisco and Research in Motion, although it maintains high weightings in a number of other, smaller, companies as well. As a result, the fund has heavy exposure to mid cap securities  and close to 20% in small/micro caps as well. Due to this allocation profile, IGN will likely carry more risks, as smaller companies are much more susceptible to volatility, but it will also carry great potential for reward through potentially higher levels of growth. So while this fund could make for a good bet on the networking industry, most investors would probably be better served by looking at a broader technology fund that allocates assets across multiple sectors of the technology market instead of just the relatively obscure networking space.
FIBR|15|PendingDownload the FactSet Analyst Insight Reporthere.
FCAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
IEZ|15|This ETF is one option available to investors seeking to bet on the oil equipment and services sector of the domestic energy market, making it appealing to those who believe that increased oil demand will spark a need for the services these companies provide. Given the targeted focus of IEZ, this fund may be too granular for many long-term buy-and-holders but can be useful for those looking to fine tune energy exposure or generally increase a portfolio’s weight to this sector. Like many energy ETFs, IEZ leaves a bit to be desired as far as diversification goes. A small handful of stocks account for a major chunk of the underlying portfolio, making IEZ potentially sensitive to company-specific developments. XES exists as a more balanced alternative; that equal-weighted ETF includes similar stocks but in drastically different proportions.
BKMC|15|The BNY Mellon US Mid Cap Core Equity ETF (BKMC) offers broad exposure to hundreds of mid-sized U.S. companies. BKMC’s methodology, which includes REITs, screens securities for liquidity. The index is composed of companies whose cumulative total market capitalization represents approximately the bottom 10% to 30% of the remaining securities. BKMC is one of several ETFs that offer exposure to an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. This ETF may be more appealing to those in the portfolio construction business, as opposed to short-term traders.
GXTG|15|PendingDownload the FactSet Analyst Insight Reporthere.
FMAY|15|PendingDownload the FactSet Analyst Insight Reporthere.
CNBS|15|PendingDownload the FactSet Analyst Insight Reporthere.
SOXS|15|This ETF offers 3x daily short leverage to the PHLX Semiconductor Index, making it a powerful tool for investors with a bearish short-term outlook for semiconductor equities. Investors should note that SOXS’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SOXS can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FDNI|15|PendingDownload the FactSet Analyst Insight Reporthere.
IHY|15|This ETF offers exposure to a basket of junk bonds from international issuers, giving investors a way to tap into a corner of the global bond market that is often overlooked. This ETF will primarily have appeal to investors looking to enhance current returns; IHY will often pay a significant yield that exceeds returns on domestic investment grade debt by a wide margin. Since most portfolios don’t include an allocation to international junk bonds, IHY offers a way to potentially add to the depth of a portfolio and bring some diversification benefits as well.
MBSD|15|The FlexShares Disciplined Duration MBS Index Fund (MBSD) tracks a proprietary index of mortgage-backed securities. MBSD’s particular twist is that it aims to keep duration within a range. Duration measures sensitivity to a change in interest rates. Bond prices typically fall when rates rise. The higher the duration, the more volatile the expected change.
HTAB|15|PendingDownload the FactSet Analyst Insight Reporthere.
EQWL|15|The Invesco S&P 100 Equal Weight ETF is a variation on Invesco’s popular equal-weight S&P 500 ETF, taking the 100 largest companies in the S&P 500 and assigning them equal weight in the portfolio. The result is a portfolio with a significantly different industry and sector mix than a traditional market-cap weighted ETF. The fund is, by nature, highly concentrated play on mega-cap U.S. companies, most of which investors already have in their portfolios. The lineup includes some of the safest bluechip bets in the U.S. market, but these companies aren’t likely to grow very much. Investors should think of this as a tactical play on mega-cap holdings, possibly a complement to a core U.S. position but certainly not a replacement for it. EQWL may be a decent choice for traders seeking mega cap exposure — though they should compare liquidity against the plain-vanilla S&P 100 index ETF — but the fund’s relatively high fees, concentrated portfolio and weighting structure mean most buy-and-hold investors would be better served by investing a cheaper, better diversified ETF.
VFMF|15|The Vanguard U.S. Multifactor ETF is an actively managed fund that seeks to invest in companies based on value, quality, and price momentum. VFMF, like Vanguard’s other actively managed factor ETFs, relies on a quantitative methodology to evaluate U.S. companies of all sizes and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. The fund’s managers try to identify those stocks that exhibit a low price compared to fundamentals, solid financial health compared to rivals, and strong price momentum. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently rewarded investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so-called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. VFMF holds a significantly narrower universe of stocks than Vanguard’s Russell 3000 ETF, a passive index-tracking fund that draws from the same universe of stocks. VFMF’s fees are quite low for active management, but after decades of drilling investors in the futility of stock-picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. While VFMF holds hundreds of U.S. stocks, its holdings are still more concentrated than the benchmark, making the ETF less appealing as a core portfolio holding. However, for investors with a strong factor conviction and confidence in Vanguard’s money managers, VFMF makes for a good complement to a core U.S. equity position. While VFMF is quite reasonably priced, investors should compare price, performance, and portfolio against other U.S. multi-factor funds, both active and passive.
WWJD|15|PendingDownload the FactSet Analyst Insight Reporthere.
TDV|15|This fund is designed to give investors planning to retire in 2040 a broad portfolio of stocks, bonds and ADRs in a single ticker. The fund becomes less risky as the retirement date approaches, cycling into more cash and bonds and selling off stocks to reduce volatility. TDV could be appropriate for investors retiring in 2040 that are seeking a ‘one stop shop’ for portfolios with a very hands-off approach.
IDHQ|15|This ETF invests in a basket of international holdings, excluding U.S. securities, which are deemed to be of the highest quality based on historical records of earnings and dividends. Investors with a longer-term horizon should consider the importance of high quality large cap stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world, offering a steady stream of distributions while also maintain the potential for capital gains. IDHQ is incredibly well-balanced from a portfolio composition perspective; this ETF holds close to 300 holdings and the top-ten components receive less than 10% of total assets. Investors should however note that IDHQ is tilted towards European securities which account for nearly half of the entire portfolio, followed by Japanese stocks which account for roughly one-fifth. IDV is worth a closer look as this ETF offers generally similar exposure for a cheaper price tag.
RISN|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWRE|15|The Invesco S&P 500 Equal Weight Real Estate ETF tracks an index of U.S. companies that are classified as real estate stocks, then equal weights those holdings. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a portfolio. Like most sector ETFs, EWRE is too targeted for most buy-and-hold investors. For those who want to overweight an industry, or for advisers engaged in tactical sector rotation strategies, EWRE could be a good choice. It’s worth noting that EWRE is more expensive and less liquid than the popular SPDR sector ETF, a market-cap weighted ETF focusing on the same sector, so investors should compare fees, performance and liquidity.
BOCT|15|PendingDownload the FactSet Analyst Insight Reporthere.
HSCZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
PDEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
HIBL|15|PendingDownload the FactSet Analyst Insight Reporthere.
JO|15|This ETN offers exposure to coffee futures, making it one of the more targeted and obscure commodity ETPs available. Coffee prices can often exhibit significant volatility due to concentration of production and geopolitical instability, and JO is the best way to play this commodity. For investors seeking exposure to coffee, JO is one of the best options out there. But investors should be aware that this ETN exposes them to credit risk, and follows a futures-based index that may lag behind a hypothetical return on spot coffee prices.
GAMR|15|PendingDownload the FactSet Analyst Insight Reporthere.
INKM|15|This ETF offers multi-asset class exposure to high yielding securities, delivering a diversified, balanced portfolio that is capable of paying a meaningful distribution yield. As such, INKM can be used in a number of ways within a portfolio. Those focusing on the long-term may see an allocation to INKM as a tool for enhancing current returns while also achieving exposure to asset classes that are often overlooked or underweighted in long-term portfolios, such as high yield debt, preferred stock, and convertible bonds. Other investors utilize INKM as a tactical tool for pulling back slightly on risk exposure in anticipation of broad market declines. INKM is an ETF-of-ETFs, which means that the underlying securities are other exchange-traded products. While there are a number of ETFs on the market that target these asset classes and seek to deliver high yields, INKM is unique in that it includes exposure to stocks, bonds, and alternatives all under one ticker. One item worth noting is the expense ratio; the ETF-of-ETF structure results in multiple layers of fees, which can lead to some additional expenses for investors. Those looking to skimp on management fees could construct the INKM portfolio on their own—though that would involve potentially significant commissions. Cost conscious investors may wish to consider IYLD, as this ETF offers comparable exposure for a slightly cheaper price tag.
SPUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
TDVG|15|PendingDownload the FactSet Analyst Insight Reporthere.
THCX|15|PendingDownload the FactSet Analyst Insight Reporthere.
IIGD|15|The Invesco Investment Grade Defensive ETF tracks a proprietary index of bonds issued by investment-grade U.S. companies, then applies a quality tilt. The index targets bonds with at least $600 million in face value outstanding, and two to 10 years remaining until maturity. The index applies a quality score based on credit rating and the remaining maturity, giving higher scores to bonds that have less time remaining until maturity. Those bonds with the highest scores are selected for inclusion. The result is an investment-grade portfolio that’s largely tilted toward issuers rated A and higher, with the bulk of the bonds maturing in one to five years. The result is a portfolio with a shorter effective duration than some other intermediate bond ETFs, which may reduce vulnerability to interest rate increases but is also likely to sacrifice some yield. Duration is a measure of sensitivity to interest rates. Bond prices typically fall when interest rates rise because inflation erodes the value of interest income. Longer-duration bonds typically come with higher yields but are more sensitive to interest rates hikes. So reducing duration may appeal to investors who worry that strengthening economic growth and rising inflation could lead to rising rates, which will drag down the value of their fixed income portfolio. While that may be useful, rate-sensitive investors might be able to achieve similar results with ETFs that invest in short-term corporate debt. Investors who are worried about both credit and rate risk should also look at mixing short- and intermediate-term sovereign debt ETFs. Fund fees are reasonable, though higher than some rival short- and intermediate-term debt ETFs. It’s worth comparing fees, liquidity, returns, credit quality and duration against other intermediate- and short-term ETFs investing in investment grade U.S. corporates and even those that invest in a mix of investment-grade and high-yield debt.
BDRY|15|PendingDownload the FactSet Analyst Insight Reporthere.
SCO|15|This ETF offers 2x daily short leverage to the broad based Dow Jones-UBS Crude Oil Sub-Index, making it a powerful tool for investors with a bearish short-term outlook for crude oil. Investors should note that SCO’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SCO can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
HKND|15|PendingDownload the FactSet Analyst Insight Reporthere.
BTAL|15|This ETF is part of a suite of “market neutral” products offered by QuantShares, a unique lineup of funds that has the potential to appreciate (or lose value) in any type of market. Because BTAL maintains equal long and short dollar positions, its performance is independent of the overall market; rather, it depends on how certain sub-sets (or factors) of the U.S. equity market perform relative to one another. As such, these securities can be used in a number of different ways. Since they should exhibit very low correlations to both stock and bond markets, some may see BTAL as a tool for smoothing out portfolio volatility—essentially a diversifying agent within traditional stock-and-bond portfolios. Others who believe the methodology has the potential to exploit market inefficiencies may see it as a means of generating alpha over both long and short time periods.
EJAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
FRDM|15|PendingDownload the FactSet Analyst Insight Reporthere.
TBX|15|This inverse ETF offers short exposure to a specific corner of the Treasury market, giving investors with a bearish outlook on government bonds a tool to fine tune their portfolios. Given this focus, TBX probably doesn’t make very much sense for any investor building a long-term portfolio; this fund is more useful for those looking to establish a relatively short term position against Treasuries. The daily reset feature of TBX is an important attribute that may have a significant impact on the risk/return profile of this fund. This ETF is designed to offer -100% exposure over a single holding period only; if held for longer or shorter than that time frame, the effective leverage delivered may differ, depending on volatility in markets. That doesn’t mean that TBX can’t be held for multiple sessions, but simply that investors considering a position should understand the nuances of compounding returns and be willing / able to monitor and potentially rebalance this position. Those seeking to short longer-dated Treasuries may prefer TYBS, while SAGG offers a tool for shorting the broader investment grade bond market (including Treasuries and corporate debt). For those looking to dial up inverse exposure to this slice of the Treasury market, PST can deliver amplified daily returns.
PSL|15|This ETF offers targeted exposure toward the U.S. consumer staples sector, making it a potentially useful tool for those employing a sector rotation strategy or for investors looking to tilt their portfolio towards a low beta sector that can perform relatively well in down markets. PSL is one of the “Dynamic” ETFs offered by PowerShares, meaning that the underlying index utilizes a quant based analytical framework to select holdings. In exchange for this attempt to generate alpha, investors can expect to pay a bit more; PSL is more expensive than FCD and XLP. For those who believe the Intellidex methodology has the ability to add value, PSL might be an interesting play (First Trust’s FXG also utilizes a quant-based methodology within this sector). But considering the less-than-impressive track record and expense differential, there are probably better ETF options for exposure to this sector.
MINC|15|PendingDownload the FactSet Analyst Insight Reporthere.
WEBL|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPYC|15|PendingDownload the FactSet Analyst Insight Reporthere.
FISR|15|PendingDownload the FactSet Analyst Insight Reporthere.
PEZ|15|This ETF offers targeted exposure toward the U.S. consumer discretionary sector, making it a potentially useful tool for those employing a sector rotation strategy or for investors looking to tilt their portfolio towards a high beta sector that can perform well in bull markets. PEZ is one of the “Dynamic” ETFs offered by PowerShares, meaning that the underlying index utilizes a quant based analytical framework to select holdings. In exchange for this attempt to generate alpha, investors can expect to pay a bit more; PEZ is more expensive than FCL and XLY. For those who believe the Intellidex methodology has the ability to add value, PEZ might be an interesting play. But considering the less-than-impressive track record and expense differential, there are probably better ETF options for exposure to this sector.
SSPY|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFI|15|This ETF offers exposure to the domestic financial sector, including many of the large Wall Street institutions that can exhibit significant volatility in certain environments. Due to the sector-specific nature of the fund, PFI probably doesn’t have a place in long-term, buy-and-hold portfolios; it is more appropriate for use as a tactical overlay or part of a sector rotation strategy. PFI is part of the suite of Intellidex product from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PFI to be the ideal way to access the U.S. financials market; those not convinced about the methodology may prefer cheaper ETF options such as XLF or FFL. It should be noted that the methodology of the underlying index has one potential advantage that is unique in the financial sector; PFI does not exhibit nearly the degree of concentration as do ETFs linked to cap-weighted indexes, offering a more balanced way to play the U.S. financial sector (the equal-weighted RKH is another option).
FGM|15|This ETF utilizes the AlphaDEX strategy to invest in the German stock market. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings.
DYNF|15|PendingDownload the FactSet Analyst Insight Reporthere.
FSZ|15|This ETF utilizes the AlphaDEX strategy to invest in the Swiss stock market. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings.
SQEW|15|PendingDownload the FactSet Analyst Insight Reporthere.
DXD|15|This ETF offers 2x daily short leverage to the broad-based Dow Jones Industrial Average Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. large cap stocks. Investors should note that DXD’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DXD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
IBDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
IAK|15|This ETF gives investors an option to gain targeted exposure to the insurance sub-sector of the U.S. equity market. Like many products offering such granular exposure, IAK is relatively concentrated; this ETF consists of about 60 individual stocks, and a handful of large cap companies account for a significant portion of total assets. Insurance companies are driven by a unique set of performance factors, and those that believe this portion of the financial sector is set to surge may find IAK to be an efficient option for exposure. Other options for targeted exposure to the insurance industry include KIE, which is more efficient from a cost perspective and experiences less significant concentration issues, and PIC. Those seeking broader exposure to the financial sector may prefer XLF or RYF.
DMRM|15|PendingDownload the FactSet Analyst Insight Reporthere.
NUHY|15|PendingDownload the FactSet Analyst Insight Reporthere.
UBND|15|PendingDownload the FactSet Analyst Insight Reporthere.
DAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
DGT|15|This ETF offers exposure to developed equity markets around the world with a heavy tilt towards American companies although several large European names are in the fund’s top ten holdings as well. As such, DGT has the potential to be included as a cornerstone of an equity component of a long-term portfolio. DGT is linked to a cap-weighted benchmark consisting of about 55 stocks, and as such is dominated by mega cap companies (SCZ, which offers exposure to small cap developed market ex-U.S. stocks, could make for a nice complement). Most investors considering DGT be better off in VEA; that Vanguard fund includes close to ten times the number of individual securities, thereby offering considerably more depth of exposure and lowering concentration. Moreover, VEA is considerably cheaper than DGT, making it difficult to justify inclusion of this fund in a portfolio, especially for investors who already have a large compliment of American stocks.
PBJ|15|This ETF offers targeted exposure to the consumer sector, including a blend of both discretionary and staples. Part of the suite of Intellidex products, PBJ is linked to an index that utilizes quantitative analysis and stock screening to identify holdings. PBJ’s methodology results in a more expensive price tag, but may have appeal to investors who believe the strategy can consistently generate alpha.
FBCV|15|The Fidelity Blue Chip Value ETF (FBCV) is an actively managed fund that invests in large cap companies that are priced below their expected long-term value. It is one of Fidelity’s contributions to the new space of actively managed, non-transparent ETFs. Would-be issuers lobbied regulators for years for permission to introduce ETFs run by stock pickers that don’t disclose their holdings. Firms like Fidelity wanted to protect their secret sauce from prying eyes. Fidelity was among a handful of firms that won approval in 2019. It remains to be seen whether ETF investors will be as excited as issuers about the prospect. An investment in an active fund is ultimately a bet on the manager’s ability to outperform the market — something many stock pickers fail to achieve. That’s a big reason why the biggest winners in the ETF marketplace have been cheap and transparent index products. FBCV, which debuted in June 2020, is reasonably priced for active management, though it looks expensive in an industry dominated by ultra-low-cost index funds. Investors might compare its performance to U.S. and global-stock value index funds like the iShares MSCI EAFE Value ETF (EFV), Schwab U.S. Large-Cap Value ETF (SCHV), and the Vanguard Value ETF (VTV).
HAP|15|This ETF gives investors exposure to hard-assets producers, and its portfolio of developed-market equities is heavily concentrated in basic materials, with an emphasis on energy. The fund holds primarily giant and large-cap companies, which additionally improve the risk-adjusted returns gained from commodities exposure. HAP is a nice option for investors looking to bet on increasing demand for raw materials as the global economic recovery picks up speed.
GRNB|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHGX|15|PendingDownload the FactSet Analyst Insight Reporthere.
CUT|15|This ETF gives investors indirect exposure to the price of timber through a basket of global equities which own or lease forested land and harvest the timber for commercial use and sale of wood-based products. The profitability of these companies is linked to the prevailing market price of timber, and they often trade as a leveraged play on spot prices. CUT’s holdings are internationally diversified in developed countries, and increased investment in infrastructure and a recovery in the housing market will further benefit the timber industry.
JOET|15|PendingDownload the FactSet Analyst Insight Reporthere.
JMUB|15|The JP Morgan Municipal ETF (JMUB) is an actively-managed fund that invests in municipal securities. The portfolio managers focus on investment-grade securities and aim to deliver tax-free income while managing credit risk and duration, a measure of sensitivity to interest rate changes. Typically bond prices fall when interest rates rise. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in JMUB is ultimately a bet on the manager’s ability to outperform the market. Actively-managed alternatives include the PIMCO Municipal Bond Strategy Fund (MUNI). Investors looking for index-tracking funds can compare JMUB to the iShares National AMT-Free Muni Bond ETF (MUB) or the Vanguard Tax-Exempt Bond Index ETF (VTEB), the two largest funds in the municipal bond category.
FKU|15|This ETF utilizes the AlphaDEX strategy to invest in the U.K. stock market. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings.
INDL|15|This ETF offers 2x daily long leverage to the Indus India Index, making it a powerful tool for investors with a bullish short-term outlook for Indian equities. Investors should note that INDL’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. INDL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
RESP|15|PendingDownload the FactSet Analyst Insight Reporthere.
FILL|15|This ETF offers exposure to the global energy sector through a diverse portfolio of domestic and international equities, with exposure spreading across both developed and emerging markets. Not surprisingly, FILL has a heavy tilt towards mega cap stocks, as this ETF includes a number of the world’s biggest oil companies. Furthermore, the global label on this ETF may be a bit misleading seeing as how emerging market companies account for only a minimal fraction of total assets. Roughly half of the underlying portfolio is invested in U.S. energy stocks, which makes this fund less of a true broad-based play on the global energy sector than some might expect. On the other hand, FILL features by far the most diverse portfolio of holdings among broad energy ETFs. Investors looking to minimize costs may opt for the domestic-focused XLE instead, while small cap-focused ETFs like IOIL and PSCE can help to complement large-cap, core holdings.
EMTL|15|PendingDownload the FactSet Analyst Insight Reporthere.
PXI|15|This ETF offers exposure to the domestic energy market, including many of the Big Oil companies that are responsible for significant portions of global energy supply. PXI is likely too targeted for those with a long time horizon, but this fund can potentially be useful for those implementing a sector rotation strategy or looking to overweight this corner of the market. PXI is part of the suite of Intellidex products from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PXI to be the ideal way to access the U.S. energy market; those not convinced about the methodology may prefer cheaper ETF options such as XLE or FEG. It should be noted that the methodology of the underlying index has one potential advantage that is unique in the energy sector; PXI does not exhibit nearly the degree of concentration as do ETFs linked to cap-weighted indexes, offering a more balanced way to play the U.S. energy sector (the equal-weighted RYE is another option).
INCO|15|This ETF is one of the more targeted options out of several that focus on the economies of emerging markets, making it potentially useful for investors looking to fine tune exposure to this important asset class. While the precision of INCO may make it most appropriate for investors with a very specific outlook on a corner of the Indian stock market, this ETF may also be appealing as a “satellite” allocation of a longer-term portfolio.
MFDX|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSET|15|The Principal Quality ETF (PSET) tracks an index of large and midsize U.S. companies that can name their price through any market cycle without affecting demand. The methodology tries to identify companies with strong brands that can maintain higher profitability across market cycles. The companies are scored using a modified equal-weighting of the top 150 performers. Top holdings include e-trading firm MarketAxess, industrial supply company Fastenal and pharmaceutical maker Eli Lilly.
EWZS|15|This ETF offers targeted exposure to Brazil’s small cap segment, making it a powerful tool that can be used to fine tune equity portfolios. Given the granularity of this fund, EWZS likely has some appeal to long-term investors with a buy-and-hold philosophy but it is more likely to appeal to those looking to implement a tactical shift or capitalize on perceived mispricings over a relatively short time horizon. However, some might view the product as a more accurate representation of the Brazilian economy instead of the top heavy— as well as energy and financial heavy— EWZ. Small and mid caps are thought by many to offer more of a pure play on national economies but small caps are likely to offer less stability than their mid cap brethren but could offer higher returns over the long run. However, this targeted exposure comes at a price as the fund has only about 70 holdings in total and it has moderate levels of concentration in some of its top holdings, although less so than BRF. But for efficient, targeted exposure to Brazil’s small caps, EWZS can certainly deliver. The expense ratio on this fund is comparable to other products in the category, and given its focus on small caps, this suggests that the fund is a pretty good value for investors and traders alike.
GENY|15|The Principal Millennials Index ETF (GENY) tracks an index of global stocks that derive a significant portion of their revenue from millennial consumers. It’s expensive for a passive ETF, though not outrageous for a niche product. Top holdings include Tencent, Alibaba, Facebook, Home Depot, Apple, and Chipotle. GENY owns about 115 securities and may present more of a concentration risk than global funds that own thousands of securities.
GOAU|15|The US Global Go Gold and Precious Metal Miners ETF (GOAU) truly shines thanks to its actively managed nature. GOAU only holds 28 companies, and the three royalty companies holding 30% have great financial discipline, compared to a lot of the rest of the industry. The focus for GOAU is on the carefully selected 25 other companies out of the additional 100 or so gold producers. Putting that into perspective, when gold goes up, gold mining companies tend to do even better than gold itself.
DGP|15|This ETF offers 2x daily long leverage to the broad based Deutsche Bank Liquid Commodity Index-Optimum Yield Gold, making it a powerful tool for investors with a bullish short-term outlook for gold futures and Treasury bills. Investors should note that DGP’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DGP can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FEUZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
UGA|15|This ETF offers targeted exposure to a widely-used energy commodity, making UGA a potentially useful tool for investors looking to bet on an increase in RBOB gasoline prices. Given the targeted nature of this fund, as well as the frequent contango in futures market, UGA probably doesn’t have much appeal to anyone building a long-term, buy-and-hold portfolio; this ETP is more useful for establishing a shorter-term tactical tilt towards a specific corner of the energy market. Those looking for broad-based commodity exposure have a number of options in the Commodities ETFdb Category, while those looking for a basket of energy commodities (including crude and natural gas) might want to consider UBN or DBE. Note that while gasoline generally exhibits a strong correlation to crude oil, this fund is not a crude oil ETF.
KEMQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
FOCT|15|PendingDownload the FactSet Analyst Insight Reporthere.
DGRE|15|PendingDownload the FactSet Analyst Insight Reporthere.
BITQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
AWTM|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWO|15|EWO offers investors exposure to the European market of Austria by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Austrian market in particular, EWO is probably the best ‘pure play’ option available.
UJAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
QAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
FTXL|15|PendingDownload the FactSet Analyst Insight Reporthere.
MMTM|15|The SPDR S&P 1500 Momentum Tilt ETF (MMTM) tracks an index of large, mid-size, and small U.S. companies that exhibit positive price momentum. The fund owns more than 1,200 securities, making it a more diversified option than most single-factor ETFs. Investors with strong views on market momentum could use MMTM as a core U.S. equity holding, though momentum-based investing could result in exposure that’s heavily tilted toward sectors that might suffer most if (or when) a bubble bursts. The fund is more likely to be useful to tactical traders who want to overlay a momentum tilt on top of a core allocation to U.S. markets.
XVOL|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
MIDU|15|This ETF offers 3x daily long leverage to the S&P Midcap 400 Index, making it a powerful tool for investors with a bullish short-term outlook for MidCap U.S. equities. Investors should note that MIDU’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. MIDU can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FMAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
QMOM|15|PendingDownload the FactSet Analyst Insight Reporthere.
TPOR|15|The Direxion Daily Transportation Bull 3X Shares (TPOR) aims to triple the daily return of an index of the Dow Jones Transportation Average Index, a benchmark of companies involved in road, rail, air travel, marine transport, air freight, and logistics. TPOR is intended to be used as a short-term trading tool by sophisticated investors. TPOR, like most leveraged products, rebalances at the end of every trading day. In practice, this means TPOR’s performance will diverge significantly from the underlying stocks. The daily reset means that TPOR could lose money over time even if the underlying equities have gained, which can come as a rude surprise to unsuspecting buy-and-hold investors.
KJAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
EIRL|15|This ETF offers pure play exposure to the Irish economy, investing in stocks listed on Irish stock exchanges and generating substantial portions of their revenues in the country. As such, EIRL is probably too targeted for buy-and-hold portfolios, but can be useful for those looking to fine tune their Europe exposure or perhaps combine this fund with another position to create a long/short trade. EIRL is the only ETF option for exclusive Ireland exposure, but there are some limitations to consider. Holdings are far from balanced from a sector perspective, as many corners of the Irish economy are overlooked completely. And EIRL has only about 25 stocks in total, limiting the diversification of the underlying basket and resulting in significant concentrations in some big names. EIRL can still be a very efficient means of accessing the Emerald Isle, but these limitations should be noted.
OIL|15|This particular ETN looks at the commodity of crude oil, arguably, the most important resource in the world. Crude is vital to modern society and as such it can be a great play on the health of the world economy, surging when growth is robust and slumping when markets hit recessions. This note tracks the S&P GSCI Crude Oil Total Return Index which is designed to reflects the returns that are potentially available through an unleveraged investment in the West Texas Intermediate (WTI) crude oil futures contract plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts.  Thanks to this focus, the fund could offer investors a higher return than comparable products since it collateralizes its investment with T-Bills, a move that help reduce overall costs to investors. In terms of futures contracts the fund is heavy in long dates contracts which expire a year from now. This reduces the risks of contango— at least initially— but it likely means that fund will deviate significantly from spot prices, at least in the near term. For investors seeking exposure to spot prices, contracts closer to maturity would probably be more appropriate. Besides this fund, investors have a few other options for achieving exposure to oil via the futures market. Other options are far more liquid but they face steeper contango issues as well. Additionally, investors have a number of equity options which allow for exposure to crude without the issues of contango but face risks of stocks. One particularly intriguing choice in this slice of the market is XOIL as it looks to stay very correlated to crude oil prices over the long haul.
IDME|15|PendingDownload the FactSet Analyst Insight Reporthere.
JPXN|15|PendingDownload the FactSet Analyst Insight Reporthere.
NJAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
KBWP|15|This ETF gives investors an option to gain targeted exposure to the insurance sub-sector of the U.S. equity market. Like many products offering such granular exposure, KBWP is relatively concentrated; this ETF consists of about 25 individual stocks, and a handful of large cap companies account for a significant portion of total assets. Insurance companies are driven by a unique set of performance factors, and those that believe this portion of the financial sector is set to surge may find KBWP to be an efficient option for exposure. Other options for targeted exposure to the insurance industry include KIE, which is equally efficient from a cost perspective and experiences less significant concentration issues, and PIC. Those seeking broader exposure to the financial sector may prefer XLF or RYF.
DFNV|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPMO|15|The Invesco S&P 500 Momentum ETF tracks an index of the 100 stocks in the S&P 500 that have had better recent price performance compared with peers. The methodology measures the percentage change in stock prices over the past year, excluding the most recent month, and then adjusts for volatility. The portfolio is then weighted based on a combination of company size and momentum score. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. SPMO is priced competitively compared with rival momentum funds, but its relatively narrow portfolio makes it less appealing to buy-and-hold investors. Investors who are looking for a tactical tilt toward momentum stocks can find momentum ETFs with deeper liquidity or broader portfolios, though it’s worth comparing SPMO’s fees and strategy against rival momentum funds.
DRIP|15|PendingDownload the FactSet Analyst Insight Reporthere.
EYLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
AMUB|15|PendingDownload the FactSet Analyst Insight Reporthere.
QSY|15|The Analyst Report for QSY is not available.
BAUG|15|PendingDownload the FactSet Analyst Insight Reporthere.
SHYL|15|The Xtrackers Short Duration High Yield Bond ETF tracks an index of U.S.-dollar denominated “junk” bonds — debt issued by borrowers with a higher risk of default — that are five years or less from maturity. SHYL reduces interest-rate risk by shortening overall duration, a measure of how sensitive a bond is to changes in interest rates. Bond prices typically fall when rates rise. SHYL is priced competitively for the category but lacks the size and daily liquidity of larger rivals like the iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) or the SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK).
NURE|15|PendingDownload the FactSet Analyst Insight Reporthere.
ECNS|15|This ETF offers exposure to small cap Chinese stocks, an asset class that is generally overlooked, even by investors with significant exposure to Chinese equity markets. The majority of China-specific funds and emerging markets ETFs are dominated by mega cap stocks, and often exhibit a significant tilt towards the energy and financial sectors. ECNS does not share those biases, making this fund a potential complement or alternative to large cap-heavy ETFs; ECNS can be partnered with FXI or GXC to deliver more complete and well-rounded China exposure. Because small cap companies depend more heavily on local consumption than their large cap counterparts, these stocks are often a better “pure play” on the local economy. With about 300 holdings and only 10% of total holdings in the top ten securities, ECNS receives high marks for diversification. This fund is also relatively cheap considering the nature of the exposure, coming in right in line with the category average. HAO is another option delivering similar exposure, while YAO focuses on Chinese stocks across all market capitalizations.
MFUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
CEFS|15|PendingDownload the FactSet Analyst Insight Reporthere.
HDMV|15|PendingDownload the FactSet Analyst Insight Reporthere.
UTRN|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFFR|15|PendingDownload the FactSet Analyst Insight Reporthere.
SCHQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
KAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPCX|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWEQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBHC|15|PendingDownload the FactSet Analyst Insight Reporthere.
QEMM|15|PendingDownload the FactSet Analyst Insight Reporthere.
AVIG|15|PendingDownload the FactSet Analyst Insight Reporthere.
TPIF|15|PendingDownload the FactSet Analyst Insight Reporthere.
FIDI|15|The Fidelity International High Dividend ETF (FIDI) tracks a proprietary index of large- and mid-cap developed market stocks that are expected to continue to pay and increase their dividends. FIDI owns less than 100 stocks. The shallow portfolio makes it less appealing as a standalone core holding, though it may be attractive to investors looking to augment their existing holdings in the hopes of earning a bit of added income. FIDI is reasonably priced, though there are cheaper competitors out there, like the Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF). Other rivals include the Global X MSCI SuperDividend EAFE ETF (EFAS), the iShares International Select Dividend ETF (IDV), and the WisdomTree International High Dividend Fund (DTH). Cost-conscious investors untroubled by dividend yields might consider the iShares Core MSCI Total International Stock ETF (IEFA) or the Vanguard FTSE Developed Markets ETF (VEA).
DNOV|15|PendingDownload the FactSet Analyst Insight Reporthere.
SZNE|15|PendingDownload the FactSet Analyst Insight Reporthere.
ISRA|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFFV|15|PendingDownload the FactSet Analyst Insight Reporthere.
GRN|15|This unique ETN targets carbon credits from the EU Emission Trading Scheme and the Kyoto Protocol’s Clean Development Mechanism. This strategy gives investors exposure to the changes in prices of these contracts potentially allowing them to benefit from a reduction in supply of the credits. While GRN is a unique product, far better ways to play a global warming trend are out there.
ACSI|15|PendingDownload the FactSet Analyst Insight Reporthere.
VEGI|15|This ETF gives investors indirect exposure to agricultural commodity prices through an international portfolio of equities engaged in the agribusiness industry. VEGI’s underlying holdings are poised to benefit from the ongoing increase in food demand from developed and emerging markets alike, and furthermore it can double as a hedge since agricultural commodities are often among the first to rise in inflationary environments. Investors looking to tap into this corner of the market will likely find VEGI as an appealing instrument. First and foremost, this ETF offers by far the most diverse portfolio of holdings amongst agriculture ETFs. Additionally, VEGI features the lowest expense ratio among agriculture ETFs, making it an irresistible choice for cost conscious investors.
BMAY|15|PendingDownload the FactSet Analyst Insight Reporthere.
LVHI|15|PendingDownload the FactSet Analyst Insight Reporthere.
BJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
SCJ|15|This ETF gives investors an option for exposure to small cap Japanese stocks, a targeted asset class that is absent from most portfolios. Some investors see small cap stocks as a better “pure play” on the local economy than large caps that generally derive revenues from a number of different geographic regions. As such, SCJ may be appealing for investors looking to tilt exposure towards Japan, or perhaps as part of a long/short play. This ETF includes hundreds of individual holdings—the vast majority of which most U.S. investors have likely never heard of. Exposure is spread evenly across component companies; SCJ features very little concentration among the largest names. JSC and DFJ are the closest alternatives to this iShares fund; both of those funds are more expensive suggesting that SCJ may be the choice for cost-conscious investors.
AADR|15|This actively-managed ETF offers exposure to global equity markets, including both U.S. and stocks listed in developed and emerging markets. AADR doesn’t seek to replicate a specific benchmark, instead relying on a fund manager to identify the most promising global equity securities. As such, AADR may be appealing to investors who believe the portfolio manager is capable of consistently generating sufficient alpha to at lease offset the hefty expense ratio (though it should be noted that AADR is cheaper than many comparable mutual funds). This ETF can serve as one stop exposure for global equity exposure, though the significant concentration in a relatively small number of holdings may not make that such a wise move. Low cost index-based alternatives include ACWI or VT.
FFIU|15|PendingDownload the FactSet Analyst Insight Reporthere.
FNGS|15|The MicroSectors FANG+ exchange-traded notes aim to track an index of so-called FANG stocks, meaning Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet Inc. The fund offers highly concentrated exposure those five “core” companies, plus another five technology growth stocks, including Alibaba, Baidu, NVIDIA, Tesla and Twitter.
JJC|15|This fund offers exposure to one of the world’s most important industrial metals, copper, potentially giving JJC appeal as an inflation hedge. However, investors should be wary of investing via the futures-based strategy as it is susceptible to contango, a phenomenon that can eat into returns. For investors seeking exposure to copper beyond physical exposure or through a mining firm, JJC is the only pure play choice available.
EWJV|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBTB|15|PendingDownload the FactSet Analyst Insight Reporthere.
KBWR|15|This ETF offers exposure to regional banks, delivering targeted exposure to a unique corner of the U.S. financials sector. Given the narrow focus of KBWR, this fund might be most useful for investors looking to implement a shorter term tactical tilt towards this corner of the market, though it can certainly also be used as a component of a long-term portfolio as well.
QLVD|15|FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD) is part of Northern Trust’s stable of factor ETFs. QLVD tracks a proprietary index of companies from developed markets outside the U.S., aiming for a portfolio bias toward quality and reduced volatility. The index methodology first assesses financial strength and stability based on quality metrics like profitability, management efficiency and cash flow. The lowest-scoring companies are excluded. Top holdings include Roche, Nestle and GlaxoSmithKline.
NFTY|15|PendingDownload the FactSet Analyst Insight Reporthere.
CSD|15|This ETF focuses in on companies that have recently undergone an split and have sold off a portion of their business as a new entity. This may unlock some value in the new entity potentially allowing investors to capture alpha against the S&P 500. While not appropriate for all investors, CSD could be a decent satellite holding for those who believe that companies that recently have spun-off from their parent firms could be poised for outperformance in the short term.
RUSL|15|This fund offers 3x exposure to the Russian equities by tracking the leveraged version of the DAXglobal Russia Index. This makes it an extremely volatile option for playing a component of the BRIC bloc that holds tremendous potential but also significant risks. Russia’s economy remains largely dependent on the energy sector, thanks to the country’s vast reserves of natural gas and oil, and as such RUSL can be heavily influenced by changes in energy prices.  RUSL should definitely not be used by long-term buy and holders but for those looking to make a concentrated bet on Russia over a single day, this fund is perfect. Just be aware that the product will almost certainly face significant volatility over the short and long term and that it must be monitored very closely.
HOMZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
TTAI|15|PendingDownload the FactSet Analyst Insight Reporthere.
UYM|15|This ETF offers 2x daily long leverage to the Dow Jones U.S. Basic Materials Index, making it a powerful tool for investors with a bullish short-term outlook for materials equities. Investors should note that UYM’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UYM can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
LOUP|15|PendingDownload the FactSet Analyst Insight Reporthere.
WPS|15|This ETF offers exposure to global real estate markets, excluding American securities in favor of assets in developed countries in either Europe, or the Asia Pacific region. The fund also provides some level of exposure to Canadian securities, helping to round out holdings across the globe. As such, WPS has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). WPS has pretty solid level of diversification with more than 300 holdings spread across a variety of countries. WPS may be appropriate for investors looking to compliment their American real estate holdings with similar exposure abroad but it is unlikely to function as a one stop shop for some due to its exclusion of American assets. Nevertheless, thanks to its broad exposure and its relatively cheap expense ratio, WPS could make for a solid choice for a number of investors who are in it for the long term. .
IQDY|15|The FlexShares International Quality Dividend Dynamic Index Fund (IQDY) is part of Northern Trust’s stable of proprietary factor strategies. This one has an international flair. The fund follows a Northern Trust index that selects dividend-paying companies in developed and emerging markets outside the U.S. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and regions. Lastly, the fund tries to deliver “above market beta” — jargon used to describe how volatile performance is relative to the market. It’s another way of saying IQDY targets higher market risk.
GURU|15|This ETF tracks a dynamic benchmark which is based on top holdings of hedge fund managers. The underlying index is constructed by analyzing 13F filings, which are regulatory filings that institutional investors with $100 million or more in assets under management are required to file with the SEC within 45 days of the end of each quarter. As such, GURU attempts to mimic the positions and strategies implemented by professional money-managers, many of whom have a proven track record of consistently generating alpha. There are some drawbacks to this strategy however; besides the time lag associated with the SEC paperwork, there is also the issue of incompleteness of these filings and the nuances of net exposure reported. Investors should also consider ALFA, which offers a generally similar strategy for a steeper price tag; the distinguishing feature being that ALFA can vary between a traditional long only portfolio and a market hedged strategy based on relative price targets.
FDEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
TMAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
GLIN|15|PendingDownload the FactSet Analyst Insight Reporthere.
WEAT|15|This ETF offers exposure to wheat futures contracts; when WEAT debuted in 2011, it became the first pure play wheat ETP on the market. Like many exchange-traded commodity products, WEAT should not be expected to deliver exposure to spot wheat prices. Because the underlying index consists of wheat futures contracts, factors such as the slope of the futures curve and the current level of interest rates will impact the performance of WEAT. One distinguishing factor of WEAT—and of all Teucrium agricultural products—is the structure of the underlying holdings. Instead of concentrating holdings in front month futures, WEAT spreads futures contracts across multiple maturities. That is done with the objective of minimizing the impact of contango on bottom line returns.
ACTV|15|PendingDownload the FactSet Analyst Insight Reporthere.
XTL|15|This ETF offers broad-based exposure to the U.S. telecom industry, making it a handy tool for investors looking to implement a sector rotation strategy or tilt exposure towards companies that often pay juicy dividends. XTL is appealing because holdings are spread more evenly across component securities, avoiding the concentration issues that plague many other telecom ETFs. XTL is more expensive than a fund like VOX, but the balanced exposure and depth of holdings make it a potentially more attractive option for telecom exposure.
IMOM|15|PendingDownload the FactSet Analyst Insight Reporthere.
FTXN|15|PendingDownload the FactSet Analyst Insight Reporthere.
NOCT|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWSC|15|The Invesco S&P Smallcap 600 Equal Weight ETF tracks an index of small-cap stocks, but equal weights the portfolio rather than weighting by market size. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a portfolio. EWSC’s sector breakdown diverges widely from its market-cap rivals, which is the point. The portfolio also tends to tilt a bit smaller. EWSC also lacks the deep liquidity provided by rival mid-cap funds, and its higher price tag is unlikely to appeal to buy-and-hold investors. EWSC could be a good pick for tactical investors that favor equal weight strategies. Prior to January 26, 2016, the fund tracked a different equal-weight index of small-cap stocks.
EVX|15|This ETF offers exposure to companies that may benefit from the global increase in demand for consumer waste disposal, removal and storage of industrial by-products, and the management of associated resources. The fund focuses primarily on U.S. industrial stocks but includes smaller allocations to a number of other sectors and markets as well. As a sub-sector specific offering, EVX is likely far too granular for investors seeking to construct a well balanced, long-term portfolio. But this ETF can be useful as a tactical tilt towards a sector of the economy that may benefit either from short term developments or longer term demographic or regulatory trends. Not surprisingly, EVX is somewhat concentrated, with only a couple dozen individual stocks and hefty allocations to some of the biggest names in the portfolio. WSTE may be another name worth considering for targeted exposure to this sector, as there is some overlap between these products.
JDST|15|PendingDownload the FactSet Analyst Insight Reporthere.
SENT|15|PendingDownload the FactSet Analyst Insight Reporthere.
OILK|15|PendingDownload the FactSet Analyst Insight Reporthere.
JPMB|15|The JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) tracks a proprietary index of U.S.-dollar denominated debt issued by emerging market governments, filtered for liquidity and country risk and allocated across credit ratings. This ETF delivers exposure to an asset class that can enhance current returns and deliver geographic diversification without subjecting investors to the exchange fluctuations of local-currency debt. Investors who prefer plain vanilla emerging market debt ETFs can look to the iShares JPMorgan USD Emerging Markets Bond ETF (EMB), the Vanguard Emerging Markets Government Bond ETF (VWOB), or the Invesco Emerging Markets Sovereign Debt ETF (PCY). JPMB is priced competitively though it lags its rivals in assets and liquidity.
NERD|15|PendingDownload the FactSet Analyst Insight Reporthere.
MOTI|15|PendingDownload the FactSet Analyst Insight Reporthere.
AMNA|15|PendingDownload the FactSet Analyst Insight Reporthere.
IQDE|15|The FlexShares International Quality Dividend Defensive Index Fund (IQDE) is part of Northern Trust’s stable of proprietary factor strategies. This one has an international flair. The fund follows a Northern Trust index that selects dividend-paying companies in developed and emerging markets outside the U.S. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and regions. Lastly, the fund aims for lower market beta — jargon used to describe how volatile performance is relative to the market. It’s another way of saying IQDE tries to be less risky than the market.
HIPS|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLKR|15|The Franklin FTSE South Korea ETF (FLKR) tracks an index of large and mid-size companies in South Korea. This single-country ETF can be especially useful for investors who mix-and-match emerging and developed markets funds from different issuers, since issuers differ on how South Korea is classified. As of June 2020, FLCH’s management fee is a fraction of the price of the iShares MSCI South Korea ETF (EWY), though the Franklin fund continues to trail its iShares rival in size and liquidity.
KJUL|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBMQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
HYXU|15|This ETF offers exposure to junk bonds from developed markets outside the U.S., an asset class that has the potential to deliver significant returns but that is often underweighted or excluded entirely from investor portfolios. Because many broad-based bond ETFs focus on dollar-denominated investment grade debt, junk bonds often get little allocation in long-term portfolios. Moreover, the ETFs in the High Yield Bonds ETFdb Category focus primarily on junk bonds of U.S.-based issuers. As a result, HYXI offers a way to add securities that may bring both return enhancement and diversification benefits to a bond portfolio. HYXU could be used as a long term holding with a moderate weighting, or more as a tactical tool when junk bond yields are appealing.
FCPI|15|The Fidelity Stocks for Inflation ETF (FCPI) tracks a proprietary index of large- and mid-cap U.S. stocks with attractive valuations, high quality profiles, and positive price momentum, with an emphasis on industries that tend to outperform in inflationary environments. As of June 2020, its portfolio was tilted toward tech, health care, and consumer staples. With about 100 stocks in its portfolio, FCPI offers a shallower portfolio than some of its competitors, making it unlikely to replace a core U.S. equity allocation.
JSTC|15|PendingDownload the FactSet Analyst Insight Reporthere.
QDEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
PST|15|This ETF offers 2x short leverage to the broad-based Barclays Capital U.S. 7-10 Year Treasury Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. 7-10 treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. PST can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio.
BKCH|15|PendingDownload the FactSet Analyst Insight Reporthere.
FDIV|15|PendingDownload the FactSet Analyst Insight Reporthere.
DMAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHMT|15|PendingDownload the FactSet Analyst Insight Reporthere.
DALT|15|PendingDownload the FactSet Analyst Insight Reporthere.
GSFP|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBHB|15|PendingDownload the FactSet Analyst Insight Reporthere.
TWM|15|This ETF offers 2x daily short leverage to the Russell 2000 Index, making it a powerful tool for investors with a bearish short-term outlook for small cap equities. Investors should note that TWM’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TWM can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
PUTW|15|PendingDownload the FactSet Analyst Insight Reporthere.
CLIX|15|PendingDownload the FactSet Analyst Insight Reporthere.
VEGN|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPUU|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBDD|15|PendingDownload the FactSet Analyst Insight Reporthere.
DUST|15|This ETF offers 2x daily short leverage to the broad-based NYSE Arca Gold Miners Index, making it a powerful tool for investors with a bearish short-term outlook for gold mining stocks. Investors should note that DUST’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DUST can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
ENFR|15|PendingDownload the FactSet Analyst Insight Reporthere.
CARZ|15|This ETF offers exposure to the global automotive industry, making it one option for tapping into a sector that has a long history of both huge gains and sudden and severe declines. Given the narrow focus of this fund and the presence of many components in broad-based equity funds, CARZ probably doesn’t have much appeal to those building a long-term, buy-and-hold portfolio; it will be more useful as a tool for implementing a shorter-term tactical tilt towards the automotive industry. CARZ may also be useful as a trading vehicle in certain instances, as the auto industry often sees big swings when manufacturers report sales figures. Another option for investors interested in this sector is VROM; while these two funds are generally similar, there are a number of key differences as well. VROM casts a wider net, including parts manufacturers and other firms not engaged in the end manufacture of automobiles. Investors may also want to consider the allocations among these funds to emerging markets, as increasing ownership rates in developing economies are likely to have a major impact on the growth of the auto industry.
CSF|15|PendingDownload the FactSet Analyst Insight Reporthere.
DUSL|15|PendingDownload the FactSet Analyst Insight Reporthere.
DEEF|15|The Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) tracks an index of developed markets outside the U.S. that selects, and weights securities based on quality, size, volatility, momentum, and value. DEEF debuted in 2015 and is priced competitively but hasn’t gained as much traction as rivals with better brand recognition, like Goldman Sachs and JPMorgan. This hurts DEEF when it comes to liquidity.
BUFF|15|PendingDownload the FactSet Analyst Insight Reporthere.
VPN|15|PendingDownload the FactSet Analyst Insight Reporthere.
BKIE|15|The BNY Mellon International Equity ETF (BKIE) tracks an index that offers broad exposure to large cap equities in developed markets outside the U.S., including company stock and real estate investment trusts, or REITs. Stocks are screened out based on liquidity, and the index then targets the largest 70% of companies from each eligible country. BKIE is priced competitively with ultra-low-cost rivals like the iShares Core MSCI EAFE ETF (IEFA), the SPDR Portfolio Developed World ex-US ETF (SPDW), the Charles Schwab’s International Equity ETF (SCHF), and the Vanguard FTSE Developed Markets ETF (VEA). As a result of its methodology, BKIE owns a far smaller universe of securities than those funds, and tilts more heavily toward large cap stocks.
DMAY|15|PendingDownload the FactSet Analyst Insight Reporthere.
HDGE|15|This ETF is unlike the majority of products offering short exposure to domestic and international equity markets; HDGE is an actively-managed fund that seeks to identify candidates for short selling based on forensic accounting and other quant-based methodologies. The managers behind this fund have an impressive track record, and HDGE can be a powerful tool for managers required to maintain a short allocation or those looking to hedge against a market pullback. HDGE has a wide variety of potential applications depending on an investor’s outlook for the U.S. market; the primary downside of this ETF is the hefty expense ratio.
AFK|15|This fund offers broad exposure to continent of Africa, focusing in one numerous emerging markets in the region. AFK is heavily weighted towards the continent’s largest economies with South Africa, Egypt, and Nigeria dominating the top holdings. The focus is large and mid caps but since many ETFs focus in on other regions of the world, it is likely that investors have little in terms of African exposure in their portfolios. AFK may be appropriate for investors seeking more exposure to the Southeast Asia region as most ETFs offer little in terms of investment in the area.
PHYL|15|PendingDownload the FactSet Analyst Insight Reporthere.
USEP|15|PendingDownload the FactSet Analyst Insight Reporthere.
DGL|15|This ETF seeks to replicate a benchmark that invests in futures contracts on gold, and is intended to reflect the spot price of gold. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. DGL gives a unique exposure to gold, where many ETFs offer physical exposure, the futures-based approach DGL takes may be more appealing to investors who understand how to use this complex product.
WBIY|15|PendingDownload the FactSet Analyst Insight Reporthere.
YANG|15|This ETF offers 3x daily short leverage to the FTSE China 50 Index, making it a powerful tool for investors with a bearish short-term outlook for China large cap stocks. Investors should note that YANG’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. YANG can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
UDN|15|This ETF offers exposure to a basket of currencies relative to the U.S. dollar, increasing in value when the trade-weighted basket strengthens and decreasing when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the a broad range of developed market currencies against the U.S. dollar, UDN is the only real choice.
SDEM|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBTD|15|PendingDownload the FactSet Analyst Insight Reporthere.
BDEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
TRND|15|This innovative ETN provides exposure to either the price of the S&P 500 or  the yield on a three-month T-Bill, depending on an SMA chart for the S&P 500 index. While it employs a unique methodology, TRND is pretty expensive and investors may want to try implementing the strategy on their own instead.
SIXS|15|PendingDownload the FactSet Analyst Insight Reporthere.
FMF|15|PendingDownload the FactSet Analyst Insight Reporthere.
AGNG|15|PendingDownload the FactSet Analyst Insight Reporthere.
SOXQ|15|The Invesco PHLX Semiconductor ETF track a market-cap weighted index of the 30 largest U.S.-listed companies engaged in the semiconductor business, such as memory chips, microprocessors, integrated circuits and other related equipment. Eligible securities must have a market capitalization of at least $100 million and must meet certain daily trading thresholds. Invesco launched the fund in June 2020 with a temporary fee waiver that knocked the expense ratio to zero. Even without the waiver, SOXQ dramatically undercut the fees of similar ETFs in the same industry. The ETF quickly picked up assets but it has a long way to go to catch up to established rivals. Traders looking for short-term liquidity may want to compare trading against competing funds. For investors making a longer-term play, Invesco’s fund fees are hard to beat, though it’s worthwhile to comparison shop since the ETF industry has a long history of price wars.
GMOM|15|PendingDownload the FactSet Analyst Insight Reporthere.
LQDI|15|PendingDownload the FactSet Analyst Insight Reporthere.
UOCT|15|PendingDownload the FactSet Analyst Insight Reporthere.
BMAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
FMIL|15|The Fidelity New Millennium ETF (FMIL) is an actively managed fund that invests in global stocks that could benefit from long-term changes in the marketplace. It is one of Fidelity’s contributions to the new space of actively managed, non-transparent ETFs. Would-be issuers lobbied regulators for years for permission to introduce ETFs run by stock pickers that don’t disclose their holdings. Firms like Fidelity wanted to protect their secret sauce from prying eyes. Fidelity was among a handful of firms that won approval in 2019. It remains to be seen whether ETF investors will be as excited as issuers about the prospect. An investment in an active fund is ultimately a bet on the manager’s ability to outperform the market — something many stock pickers fail to achieve. That’s a big reason why the biggest winners in the ETF marketplace have been cheap, transparent index products. FMIL, which debuted in June 2020, is reasonably priced for active management, though it looks expensive in an industry dominated by ultra-low-cost index funds. Investors might compare FMIL performance to plain vanilla global index funds like the Vanguard Total World Stock ETF (VT).
IBMP|15|PendingDownload the FactSet Analyst Insight Reporthere.
EUDG|15|PendingDownload the FactSet Analyst Insight Reporthere.
SVOL|15|PendingDownload the FactSet Analyst Insight Reporthere.
XJH|15|PendingDownload the FactSet Analyst Insight Reporthere.
ISHG|15|This ETF offers exposure to bonds issued by governments outside the U.S., offering an efficient way to access an asset class that is overlooked within the portfolios of many U.S.-based investors. Most fixed income portfolios are comprised almost entirely of securities from U.S. issuers, but the addition of international debt has the potential to enhance returns and add diversification benefits as well. By focusing on short-term debt, ISHG may appeal to investors concerned about the adverse impact of rising interest rates, and is primarily a tactical tool to be used for fine tuning the fixed income side of a portfolio. BWZ will offer generally similar exposure to this ETF, and IGOV and BWX offer a way to access international Treasuries across a range of maturities. When evaluating these ETF options, factors to consider include the breakdown by country, effective duration, and attractiveness of the current yield.
HEWG|15|PendingDownload the FactSet Analyst Insight Reporthere.
AZBJ|15|PendingDownload the FactSet Analyst Insight Reporthere.
EET|15|This ETF offers 2x daily long leverage to the broad-based MSCI Emerging Markets Index, making it a powerful tool for investors with a bullish short-term outlook for emerging markets. Investors should note that EET’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EET can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
TECS|15|This ETF offers 3x daily short leverage to the Technology Select Sector Index, making it a powerful tool for investors with a bearish short-term outlook for technology equities. Investors should note that TECS’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TECS can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
DAPP|15|PendingDownload the FactSet Analyst Insight Reporthere.
SJB|15|This ETF is designed to deliver daily inverse exposure to an index comprised of junk bonds, an asset class that generally delivers high expected returns and features considerable risk of default. As such, SJB probably isn’t that useful for investors looking to build a portfolio for the long run; this ETF is more useful as a tool for implementing a tactical bet against the junk bond sector. Those looking to bet against the investment grade bond market may prefer SAGG, while IGS offers an easy way to establish a short position in investment grade corporate debt. Investors should be aware that SJB features a daily reset of exposure, meaning that it will deliver -100% returns of the underlying index for a single trading period only. This fund may still be useful for establishing a short position over a longer period of time, but investors should understand the nuances of compounding returns and be prepared to monitor / rebalance this position as necessary. It should also be noted that there are some differences between using an inverse ETF and shorting a traditional long ETF; the potential for loss and volatility will differ between these two strategies.
EMCB|15|This ETF offers exposure to debt of emerging markets issuers, focusing specifically on corporate bonds. As such, EMCB offers access to a corner of the global bond market that many fixed income portfolios overlook; it represents  away to round out exposure to emerging markets with a position to complement emerging markets stock ETFs. Emerging markets corporate bonds offer a way to enhance returns relative to U.S. debt, potentially without taking on significant incremental risk.
DRW|15|This ETF offers exposure to global real estate markets, including both developed and emerging economies outside of the U.S. (previously, DRW had focused exclusively on developed ex-U.S. As such, this ETF has the potential to be useful both as a tactical tool for establishing a short term tilt towards this risky asset class or as a component of a longer-term portfolio that fills a void left by most international equity funds. International real estate securities can exhibit significant risk, but are also capable of delivering both meaningful capital appreciation and current returns. DRW maintains a broad-based portfolio of REITs, but has some significant concentration in a few big names in the portfolio. Moreover, a couple of countries account for big chunks of holdings, increasing sensitivity to commercial real estate markets in Australia and Hong Kong. It should also be noted that DRW is linked to a dividend-weighted index; that feature may be appealing for those who find fault with cap-weighting methodology, and may also serve to boost the yield component of the return profile. The focus on companies that pay regular cash dividends could offer more stability than others in the category but also provide less growth potential. This ETF is one of several options in the Global Real Estate ETFdb Category; DRW is set apart thanks to its dividend-weighted methodology and focus on both developed and emerging markets. Investors weighing the various options should take into consideration expenses (DRW is competitive in this regard), depth and balance of holdings, and allocations to emerging markets (that breakdown can have a meaningful impact on the risk/return profile).
FEVR|15|PendingDownload the FactSet Analyst Insight Reporthere.
UCIB|15|PendingDownload the FactSet Analyst Insight Reporthere.
IJAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
JIG|15|The JPMorgan International Growth ETF (JIG) is an actively managed fund that invests in global equities outside the U.S. The portfolio management team analyzes company fundamentals and seeks to identify those stocks with strong growth and quality characteristics. JIG debuted in May 2020, so performance information is limited. Investors could compare it to the JPMorgan Diversified Return International Equity ETF (JPIN), a factor-based index strategy that invests in similar markets. Ultimately an investment in any actively managed product is a bet on the manager’s ability to beat the market. JIG is relatively cheap for active management, but expensive for the foreign large cap equity segment. It’s especially pricey when compared with ultra-low-cost plain vanilla options like the iShares Core MSCI EAFE ETF (IEFA), the Vanguard FTSE Developed Markets ETF (VEA), and Charles Schwab’s International Equity ETF (SCHF).
FSMD|15|The Fidelity Small-Mid Factor ETF (FSMD) is one of a handful of funds that offers exposure to small- and mid-cap U.S. stocks, an asset class that can make up a significant slice of many long-term portfolios. FSMD targets companies with attractive valuations, high quality profiles, positive momentum, and lower volatility than the broader market. This ETF may be appealing both to those in the asset allocation business, and to buy-and-hold investors who already maintain large cap exposure through something like an S&P 500 fund. Many funds focus exclusively on small- or mid-cap stocks, making FSMD a convenient one-stop-shop for those looking to invest in the bottom slice of the size spectrum. While FSMD owns hundreds of stocks, it has a shallower portfolio than either the iShares Russell 2500 ETF (SMMD) or the Vanguard Extended Market ETF (VXF). FSMD is reasonably priced for a factor ETF, but VXF offers more diversification and better liquidity at a fraction of the price.
DBMF|15|PendingDownload the FactSet Analyst Insight Reporthere.
DEW|15|This ETF offers exposure to dividend paying stocks around the globe, including the U.S. and developed and international markets. As such, DEW is one option for investors seeking to construct a simplified long-term portfolio, as it delivers exposure to dozens of countries across all sectors of the global economy. DEW is differentiated by ETFs such as ACWI by the weighting methodology; the underlying index uses cash dividends paid to select components and determine individual weightings. As such, this fund can be useful for enhancing current returns generated from the equity portion of a portfolio, or simply for those who believe that a dividend-weighting strategy will generate alpha over the long run. DEW features the sector biases that are traditional in dividend-weighted ETFs, as financials, telecom, and energy make up big portions of this ETF. Exposure is balanced across several hundred individual holdings, with a bias towards large cap stocks. DEW is more expensive than some alternatives in the Global Equities ETFdb Category, but that differential may be more than worthwhile for those seeking to implement a dividend-weighted strategy.
PSCD|15|This ETF offers exposure to the consumer discretionary sector of the U.S. economy, making PSCD one of many options available for accessing a sector that includes restaurants, automakers, and retailers. Given the sector-specific focus of PSCD, this fund might have tremendous appeal to those building a long-term, buy-and-hold portfolio; many PSCD holdings are already included in small cap equity funds. This ETF may be useful for those looking to establish a tactical tilt towards the consumer discretionary sector, perhaps in anticipation of a bull market. There is no shortage of options in the Consumer Discretionary Equities ETFdb Category; PSCD is unique from most other products because of the focus exclusively on small cap stocks. This feature results in a risk/return profile that differs from funds such as XLY and VCR that include primarily large cap stocks; small caps may offer greater growth potential and higher volatility than their large cap counterparts. There is no universally superior choice in this regard, as different environments may favor different types of equities. As far as the underlying portfolio goes, PSCD offers excellent balance, as no one name receives a huge weighting (a common feature in large cap sector funds).
BDCZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
GERM|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLMI|15|The Franklin Liberty Intermediate Municipal Opportunities ETF (FLMI) is an actively managed fund that invests in municipal securities whose interest is free from federal income taxes. The fund attempts to maintain a maturity of three to 10 years and does not invest more than 15% of its portfolio in any one state. It has a shorter maturity target than the Franklin Liberty Municipal Bond ETF (FLMB), which may be appealing for investors who prefer short- to medium-term fixed income investments. FLMI is reasonably priced for active management, though it’s a bit pricey for the segment. Investors can compare it to index-tracking funds like the iShares National AMT-Free Muni Bond ETF (MUB) or the Vanguard Tax-Exempt Bond Index ETF (VTEB).
IIGV|15|The Invesco Investment Grade Value ETF tracks a proprietary index of undervalued bonds issued by investment-grade U.S. companies. Higher value bonds may provide greater returns in certain markets. The index targets bonds with at least $600 million in face value outstanding, and two to 10 years remaining until maturity. The index applies a value score based on the option-adjusted spread of the bonds, a measure of the difference between the yield of a bond compared with U.S. Treasurys, which represents  the return of a bond compared with a risk-free investment. In other words, it measures how much investors are compensated for taking additional risk. The index also calculates a quality score based on a bond’s credit rating and maturity, giving higher scores to bonds that have less time remaining until maturity. Those bonds with the highest scores are selected for inclusion. The result is an investment-grade portfolio that’s largely tilted toward issuers rated A or lower, with the bulk of the bonds maturing in five to 10 years. The fund is reasonably priced, though it is more expensive than other intermediate-term debt ETFs with portfolios of similar credit quality and duration. It’s worth comparing fees, liquidity, returns, credit quality and duration against other intermediate-term debt ETFs investing in investment grade U.S. corporates.
NJUL|15|PendingDownload the FactSet Analyst Insight Reporthere.
LKOR|15|The FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) follows a proprietary index of investment-grade debt with maturities of 10 years or longer, but with a twist characteristic of Northern Trust’s FlexShares lineup. The index scores bonds by evaluating the issuers’ value and quality by looking at measures like solvency, profitability, and management efficiency. The index weights the portfolio towards those with the highest scores while those with the worst performance are excluded. Then, to preserve diversification, the methodology limits the weight of individual bonds, issuers, sectors, duration and turnover.
BCD|15|PendingDownload the FactSet Analyst Insight Reporthere.
NORW|15|NORW offers investors exposure to the European market of Norway by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Norwegian market in particular, NORW is probably the best ‘pure play’ option available.
EBLU|15|PendingDownload the FactSet Analyst Insight Reporthere.
EUSC|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLSP|15|The Franklin Liberty Systematic Style Premia ETF (FLSP) is an actively managed fund that allocates its assets across two strategies. In the first, the portfolio managers focus on factors like value, momentum, and carry, and consider those factors in making bullish and bearish bets across stocks, bonds, commodities, and currencies. In the second strategy, the team uses factors like quality, momentum, and value in determining whether to hold long or short positions in individual stocks and stock indices. The fund is reasonably priced for what it offers but offers little liquidity and often trades at wide spreads.
ARCM|15|PendingDownload the FactSet Analyst Insight Reporthere.
IJUL|15|PendingDownload the FactSet Analyst Insight Reporthere.
PWS|15|PendingDownload the FactSet Analyst Insight Reporthere.
CPI|15|CPI seeks to deliver a real return over inflation, using a variety of different asset classes around a core of short-term bonds in an attempt to achieve this objective. As such, this fund shouldn’t be expected to deliver huge absolute returns in most environments, but can be an effective tool for smoothing overall portfolio volatility and adding a non-correlated asset to the mix. CPI may become especially attractive when concerns over inflation intensify; we believe this ETF is a better choice than TIPS when prices begin to rise.
IVES|15|PendingDownload the FactSet Analyst Insight Reporthere.
JIGB|15|The JPMorgan Corporate Bond Research Enhanced ETF (JIGB) is an actively-managed fund that invests primarily in investment-grade corporate bonds. The portfolio managers overweight bonds with higher credit scores, seeking to match the risk profile of the Bloomberg Barclays U.S. Corporate Bond Index while beating its returns. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in JIGB is ultimately a bet on the manager’s ability to outperform the market. The fund is priced competitively for the corporate bond category, especially when compared with index-tracking rivals like the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and iShares Core U.S. Aggregate Bond ETF (AGG), though those rivals offer more liquidity.
FRLG|15|The GS Finance Large Cap Growth Index-Linked ETN (FRLG) aims to double the daily return of the Russell 1000 Growth Index, an index of U.S. large-cap equities such as Microsoft, Apple, and Amazon.
GLRY|15|PendingDownload the FactSet Analyst Insight Reporthere.
ARMR|15|PendingDownload the FactSet Analyst Insight Reporthere.
UMDD|15|This ETF offers 3x daily long leverage to the S&P MidCap 400 Index, making it a powerful tool for investors with a bullish short-term outlook for mid cap equities. Investors should note that UMDD’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UMDD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
XCEM|15|PendingDownload the FactSet Analyst Insight Reporthere.
SIMS|15|PendingDownload the FactSet Analyst Insight Reporthere.
UAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
DOCT|15|PendingDownload the FactSet Analyst Insight Reporthere.
QWLD|15|The SPDR MSCI World StrategicFactors ETF (QWLD) tracks a proprietary index of large- and mid-cap developed market stocks worldwide. QWLD, unlike many developed markets ETFs, includes North America. The methodology weights stocks based on three factors: value, volatility, and quality. QWLD invests in more than a thousand securities. Total-market funds can be an appealing option for investors looking to simplify their portfolios and minimize rebalancing obligations, but they also tend to own a relatively narrow universe of stocks, which may be why the category has been slow to gain traction with investors. QWLD is priced competitively to rivals like the JPMorgan Diversified Return Global Equity ETF (JPGE) and the iShares MSCI World ETF (URTH).
IFED|15|PendingDownload the FactSet Analyst Insight Reporthere.
MRGR|15|PendingDownload the FactSet Analyst Insight Reporthere.
WBII|15|PendingDownload the FactSet Analyst Insight Reporthere.
VFLQ|15|The Vanguard U.S. Liquidity Factor ETF is an actively managed fund that aims to invest in U.S. stocks that trade less frequently than others. This might seem like a strange objective since many money managers try to avoid illiquid securities so that they don’t get stuck with a position they can’t get out of. But illiquid stocks are, by their nature, hard to get a hold of and perceived as riskier, meaning they often trade at a premium. VFLQ relies on a quantitative methodology to evaluate U.S. companies of all sizes, and uses a rules-based screen to ensure diversification. Vanguard measures liquidity using percentage turnover, dollar turnover, and other metrics. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so-called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, liquidity, growth, and price momentum. Some funds combine factors while others, like VFLQ, target a single factor. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors, though VFLQ is the rare fund specifically targeting liquidity. VFLQ’s portfolio can be expected to diverge from its Russell 3000 benchmark. For example, VFLQ holds a significantly narrower universe of stocks than Vanguard’s Russell 3000 ETF, a passive index-tracking fund that draws from the same universe of stocks. VFLQ’s fees are quite low for active management, but after decades of drilling investors in the futility of stock picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. Given the fund’s strategy and its narrower holdings, VFLQ probably isn’t a good pick to replace a core U.S. equity position. However, for investors with a strong liquidity conviction who want a reasonably-priced fund, VFLQ could augment a core U.S. equity. While VFLQ is quite reasonably priced, investors should compare price, performance, and portfolio against other factor funds, both active and passive, as well as plain-vanilla index funds.
HDG|15|This ETF seeks to replicate the risk/return profiles of a diversified benchmark of hedge funds, potentially giving all types of investors access to a strategy that may otherwise be out of reach. HDG seeks to accomplish this objective by maintaining exposure to six “factors” that include U.S. stocks, international equities, Treasuries, and the euro. The fund has the flexibility to establish long or short exposure to most of these factors (long or flat to some) based on a proprietary quantitative analysis.
BSMM|15|The Invesco BulletShares 2022 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
ABEQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
EUO|15|This ETF is designed for investors looking to bet against the performance of the euro relative to the U.S. dollar or to hedge against existing euro exposure. EUO utilizes daily leverage, meaning that its objective involves achieving amplified returns over a single trading session, and that performance over multiple sessions may not correspond to the target multiple. Given the targeted focus and use of leverage, EUO is probably not appropriate for most investors; it should never be used in a long-term portfolio, and makes sense only for those with the willingness and ability to monitor and rebalance their portfolio regularly. For those looking to make a bet against the euro zone currency, this fund can be useful, but, for most investors, it shouldn’t be used at all. ULE offers a way to bet on the euro, while DRR, an ETN, offers generally similar exposure.
PTEU|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLQM|15|The Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) tracks an index of mid-size U.S. companies based on quality, value, momentum, and low volatility. The index tilts more heavily toward quality and value, with a lesser emphasis on momentum and low-vol. FLQM is one of several that offer exposure to an asset class that can make up a significant portion of long-term buy-and-hold portfolios. This ETF may be more appealing to those in the portfolio construction business as opposed to short-term traders. FLQM offers exposure to about 200 companies, a shallower portfolio than some of its rivals in the segment. Its management fee is reasonable for factor funds, but more expensive than plain vanilla index rivals like the Vanguard Mid-Cap ETF (VO), Schwab U.S. Mid-Cap ETF (SCHM), and iShares Core S&P Mid-Cap ETF (IJH). FLQM is a relative latecomer to the segment and lags these funds in assets and liquidity.
TPSC|15|PendingDownload the FactSet Analyst Insight Reporthere.
GAA|15|PendingDownload the FactSet Analyst Insight Reporthere.
UJUL|15|PendingDownload the FactSet Analyst Insight Reporthere.
TEQI|15|PendingDownload the FactSet Analyst Insight Reporthere.
RFFC|15|PendingDownload the FactSet Analyst Insight Reporthere.
AMTR|15|PendingDownload the FactSet Analyst Insight Reporthere.
JZRO|15|PendingDownload the FactSet Analyst Insight Reporthere.
DDEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBHD|15|PendingDownload the FactSet Analyst Insight Reporthere.
SEIX|15|PendingDownload the FactSet Analyst Insight Reporthere.
QVMS|15|PendingDownload the FactSet Analyst Insight Reporthere.
DEEP|15|PendingDownload the FactSet Analyst Insight Reporthere.
WBIF|15|PendingDownload the FactSet Analyst Insight Reporthere.
HDRO|15|PendingDownload the FactSet Analyst Insight Reporthere.
ENOR|15|Norwegian exposure was once hard to come by as far as ETFs are concerned. While it was not the first of its kind, ENOR was one of the earliest products to dedicate itself to Norway’s economy. While Norway may not have the largest economy in Europe, it certainly presents a number of lucrative opportunities for investors.
PVI|15|This popular ETF offers exposure to the ultrashort end of the maturity curve, focusing on tax-exempt Variable Rate Demand Obligations or VRDOs. These issues are issued by municipalities and reset on a weekly basis, meaning it has virtually no interest rate risk. PVI can be a great safe haven to park assets in volatile markets, but won’t deliver much in the way of current yield.
XRLV|15|The Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF tracks an index that targets low-volatility stocks that are less susceptible to interest rate increases. The index looks for the 100 companies in the S&P 500 that exhibit the lowest volatility, and low sensitivity to changes in 10-year U.S. Treasury rates. The aim is to avoid stocks that perform poorly in rising rate environment. Some low-vol ETFs such as the popular Invesco S&P Low-Volatility ETF, end up with portfolios that lean heavily on staid, dividend-paying utility stocks. When interest rates rise, the dividends paid by utilities look less appealing compared to lower-risk debt investments. Rising rates can also make it more expensive for utilities to borrow money. XRLV’s rate sensitivity screen makes for a very different portfolio mix. XRLV is too targeted for many buy-and-hold investors, though it could appeal to investors trying to who want less turbulence without the pronounced overweight on utilities. Another option might be competing low-vol funds that have guard rails on how large industries can be within their portfolio.
GDXU|15|PendingDownload the FactSet Analyst Insight Reporthere.
KORU|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHMH|15|PendingDownload the FactSet Analyst Insight Reporthere.
SSPX|15|PendingDownload the FactSet Analyst Insight Reporthere.
PY|15|The Principal Value ETF (PY) follows a Nasdaq index of dividend-paying large and midsize U.S. companies. The index methodology aims to identify companies that generate shareholder yield through strong cash flow and share buybacks. The portfolio tends to have a strong tilt toward quality stocks, weighted based on dividend yield. The management fee of PY is a bit high compared ultra-low-cost passive, but reasonable for a specialty index.
PNOV|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSCF|15|This ETF is one of more than a dozen products offering exposure to the financial sector of the U.S. stock market, a corner of the economy that has a history of both periods of tremendous gains and major collapses. PSCF is somewhat unique in the type of exposure offered; instead of focusing on mega cap banks and Wall Street institutions, this ETF holds small cap companies that are much less likely to be household names. This results in a risk/return profile that can be quite different from large cap stocks. Given the sector-specific focus, PSCF may be too targeted for inclusion in a long-term, buy-and-hold portfolio; this ETF is probably better suited to sector rotation strategies or to establishing a tactical overweight (or short position) in the financial sector. There are a couple noteworthy elements regarding the portfolio of PSCF; this fund avoids the concentration issues that can be significant in large cap funds, as no one stock accounts for a significant portion of assets and the balance is relatively even. It should also be noted that real estate companies make up a decent chunk of the underlying portfolio; most large cap financial ETFs maintain much smaller allocations to REITs. PSCF can be a very useful tool for fine tuning U.S. equity exposure; the price is very competitive, and the exposure offered is balanced across a relatively deep basket of component securities.
DMRE|15|PendingDownload the FactSet Analyst Insight Reporthere.
XWEB|15|PendingDownload the FactSet Analyst Insight Reporthere.
DURA|15|PendingDownload the FactSet Analyst Insight Reporthere.
ROOF|15|This ETF is one of many in the Real Estate ETFdb Category that offers exposure to U.S.-listed REITs. While some investors have shunned this asset class in recent years thanks to a stretch of abysmal performances, many continue to include real estate exposure in a long-term, buy-and-hold portfolio. So while ROOF can be useful to those with a long time horizon, it can also be an effective means of establishing a tactical tilt towards a corner of the domestic equity market that is capable of delivering generous current returns and capital appreciation in certain environments.
DBLV|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHIX|15|This ETF offers exposure to China’s financial sector, making it one of the most precise tools available in the ETF universe. Those looking to overweight China may find this ETF useful for fine tuning exposure, especially those expecting strong performance from banks and other financial services companies. Also, investors bullish on the outlook for financial stocks but hesitant to invest in U.S. equities may consider CHIX as well. This fund can also be used in market neutral long/short trades that seek to exploit return differentials—for example going long CHIX and short XLF (or vice versa). CHIX is more expensive than most broad-based China ETFs, so those seeking exposure to the total Chinese economy may prefer funds such as YAO or GXC.
UBT|15|This ETF offers 2x long leveraged exposure to the broad-based Barclays Capital U.S. 20+ Year Treasury Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. UBT can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio.
KLCD|15|PendingDownload the FactSet Analyst Insight Reporthere.
DJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
FFTG|15|PendingDownload the FactSet Analyst Insight Reporthere.
RFEM|15|PendingDownload the FactSet Analyst Insight Reporthere.
SOYB|15|This product is one of several resource-specific commodity ETPs available to investors, offering exposure to the commodity of soybeans. A widely used agricultural commodity, soybeans have become an investable asset thanks to the development of exchange traded futures contracts linked to this resource. Given this narrow focus on a single natural resource, SOYB probably has little or no use to buy-and-hold investors building a long-term portfolio; this ETF is more useful for more sophisticated, shorter-term investors looking to make a tactical play on this segment of the agricultural commodities market. Investors seeking more broad-based exposure to commodities have a number of options in the Commodities ETFdb Category (DJCI and USCI are a couple of our favorites).
EURL|15|PendingDownload the FactSet Analyst Insight Reporthere.
FGRO|15|PendingDownload the FactSet Analyst Insight Reporthere.
FTHI|15|PendingDownload the FactSet Analyst Insight Reporthere.
AGOV|15|PendingDownload the FactSet Analyst Insight Reporthere.
GOEX|15|PendingDownload the FactSet Analyst Insight Reporthere.
WFIG|15|PendingDownload the FactSet Analyst Insight Reporthere.
MVRL|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFIG|15|This ETF offers exposure to investment grade U.S. corporate bonds, an asset class that many investors and advisors believe should hold a core position in long-term, buy-and-hold portfolios. This asset class has the potential to offer a significant yield upgrade from Treasuries without exposing investors to the risk that often accompanies high yield bonds. While corporate debt is often included in total bond market ETFs such as AGG and BND, it is noted that allocations are often on the small side. As such, a position in products such as PFIG might make sense as complementary additions to a long-term portfolio.
BKHY|15|The BNY Mellon High Yield Beta ETF (BKHY) offers broad exposure to “junk” bonds — debt issued by borrowers with a higher risk of default. For taking on the added risk, investors are rewarded with higher yields than those offered on ultra-safe U.S. Treasuries or investment-grade debt issued by the most creditworthy companies. ETFs offer quite a few high-yield options, including active management, so-called “smart” indexing, and even an ETF that screens junk debt based on environmental, social, and government criteria.
ANEW|15|PendingDownload the FactSet Analyst Insight Reporthere.
FFHG|15|PendingDownload the FactSet Analyst Insight Reporthere.
LEAD|15|PendingDownload the FactSet Analyst Insight Reporthere.
VFMV|15|The Vanguard U.S. Minimum Volatility Factor ETF is an actively managed fund that aims to invest in U.S. stocks that are less susceptible to wide price gyrations. VFMV relies on a quantitative methodology to evaluate U.S. companies of all sizes, and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so-called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others, like VFMV, target a single factor. VFMV’s portfolio can be expected to diverge from its Russell 3000 benchmark. For example, VFMV holds a significantly narrower universe of stocks than Vanguard’s Russell 3000 ETF, a passive index-tracking fund that draws from the same universe of stocks. The size and industry breakdown of the portfolio will vary widely from the benchmark. VFMV’s fees are quite low for active management, but after decades of drilling investors in the futility of stock-picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. For investors who want to minimize volatility for a reasonable price, VFMV makes a good complement to a core portfolio holding in U.S. equities. While VFMV is competitively priced, investors should compare fees, performance, and portfolio against other U.S. min vol funds, both active and passive.
SMHB|15|PendingDownload the FactSet Analyst Insight Reporthere.
VMOT|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
WBIG|15|PendingDownload the FactSet Analyst Insight Reporthere.
KBUY|15|PendingDownload the FactSet Analyst Insight Reporthere.
TGRW|15|PendingDownload the FactSet Analyst Insight Reporthere.
SXUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
TRTY|15|PendingDownload the FactSet Analyst Insight Reporthere.
DDIV|15|PendingDownload the FactSet Analyst Insight Reporthere.
LFEQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
UAUG|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSCC|15|This ETF offers exposure to the consumer staples sector of the U.S. economy, giving investors a tool for accessing stocks of companies engaged in the production and sale of food and beverages, household products, and personal products. Since many of the components of PSCC are found in small cap ETFs and other broad-based equity funds, there might not be much use for this ETF within a long-term, buy-and-hold portfolio. PSCC can, however, be useful as a means of implementing a tactical tilt towards the consumer staples sector; this fund can be a nice tool for implementing a sector rotation strategy. PSCC may also be useful in a long/short trade (such as long PSCC / short XLP or vice versa). There are a number of options in the Consumer Staples ETFdb Category, but most focus primarily on large cap stocks. PSCC is unique in that it holds smaller companies that may offer greater long term growth potential (along with potentially higher volatility). While all consumer staples ETFs will generally exhibit a high correlation with one another, these products are far from identical; PSCC may deliver returns that are very different from XLP and RHS. Investors should take note that PSCC’s portfolio is somewhat shallow; there are only about 25 components, and some of these stocks account for a big portion of total assets. That concentration may be undesirable for investors seeking to limit exposure to any one name. The suite of PowerShares small cap sector ETFs can be nice alternatives or complements to the large cap focused sector SPDRs.
NGE|15|The Global X MSCI Nigeria ETF is part of the firm’s legacy line-up of country funds. While there are other country-specific ETFs out there, NGE is the only one to exclusively target Nigerian equities. The fund tracks an MSCI index of the largest and most-liquid Nigerian companies. The portfolio includes about 20 stocks of companies that are either based in Nigeria, listed on Nigerian markets or whose revenues are primarily from the country. NGE charges a relatively steep management fee for a passive fund, but investors for fast and easy exposure to Nigerian equities via a U.S.-listed fund shouldn’t be deterred by a few extra basis points in fees. As with many country-specific funds, especially in emerging and frontier markets, liquidity can be a challenge, and large block orders could trigger price distortions in the underlying market. Investors should expect wider spreads and poor tracking.
FNGD|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSJR|15|The Invesco BulletShares 2027 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from high-yield exposure can sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income and diversification for a competitive fee, though large investors may want to be conscious that the liquidity constraints of the underlying market may lead to wider spreads. Investors should also compare performance and liquidity against some of the popular active and passive junk-debt ETFs on the market.
ROMO|15|PendingDownload the FactSet Analyst Insight Reporthere.
WUGI|15|PendingDownload the FactSet Analyst Insight Reporthere.
FMAG|15|PendingDownload the FactSet Analyst Insight Reporthere.
UBOT|15|PendingDownload the FactSet Analyst Insight Reporthere.
SHUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
CNXT|15|PendingDownload the FactSet Analyst Insight Reporthere.
PXQ|15|This product, from Invesco PowerShares, gives investors exposure to the networking sector of the U.S. market. An investment in networking could make for a great play on the rapidly developing cloud computing industry. As the technology for the cloud continues to increase these networking companies will act as a vital cornerstone for keeping the segment afloat and supporting all of the new software. This ETF provides exposure to some of the biggest household names in the U.S., affording investors with a strong, diverse exposure to the U.S. networking sector. Investors should take note that the majority of this funds assets lie in small cap companies, though it does allocate a significant amount of funds to both large and medium cap sectors. This means that PXQ will carry more risks, as smaller companies are much more susceptible to volatility, but it will also carry great potential for reward through high growth that strong small cap companies have been known to exhibit. This product will make a good addition for investors looking to gain diverse exposure to a wide range of domestic networking firms.
PUI|15|This ETF is one of many options available for investors looking to establish exposure to the utilities industry in the U.S., a corner of the domestic economy that is known for low volatility and relatively high dividend yields. As such, this sector might have appeal to investors looking to dial down risk or to enhance the current returns generated from the equity side of a portfolio. Given the sector-specific focus of this fund, PUI probably isn’t too appealing to those building a buy-and-hold portfolio, as exposure to utilities is included within more broad-based funds. PUI can, however, be useful for implementing a sector rotation strategy or a tactical tilt towards this corner of the market. PUI is unique from the other funds in the Utilities ETFdb Category because of the methodology used by the underlying index; this ETF is part of the Intellidex suite of products that uses a quant-based screening technique to identify stocks with the greatest potential for capital appreciation (FXU takes a generally similar approach, though many of the factors considered vary across these products). In exchange for this attempt at alpha, investors can expect to pay a bit more; this ETF is quite a bit more expensive than low cost options for utilities exposure such as FUI or XLU. For those who believe that the Intellidex methodology is able to generate excess returns over the long run, this ETF might be a preferred way to access this sector of the U.S. market. But those more comfortable with simply owning the market and keeping fees to a minimum may prefer other funds (the equal-weighted RYU may be a nice choice for those looking to avoid cap-weighting without paying for a quant-based strategy).
SAA|15|This ETF offers 2x daily long leverage to the S&P SmallCap 600 Index, making it a powerful tool for investors with a bullish short-term outlook for small cap U.S. equities. Investors should note that SAA’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SAA can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FFSG|15|PendingDownload the FactSet Analyst Insight Reporthere.
WBIL|15|PendingDownload the FactSet Analyst Insight Reporthere.
MJJ|15|The Analyst Report for MJJ is not available.
IBTA|15|The Analyst Report for IBTA is not available.
AZBL|15|PendingDownload the FactSet Analyst Insight Reporthere.
GXF|15|The Analyst Report for GXF is not available.
DMRS|15|PendingDownload the FactSet Analyst Insight Reporthere.
OVT|15|PendingDownload the FactSet Analyst Insight Reporthere.
JOYY|15|PendingDownload the FactSet Analyst Insight Reporthere.
DDLS|15|PendingDownload the FactSet Analyst Insight Reporthere.
TSJA|15|PendingDownload the FactSet Analyst Insight Reporthere.
SFYX|15|PendingDownload the FactSet Analyst Insight Reporthere.
ERSX|15|ERShares International Entrepreneur ETF (ERSX) selects the most entrepreneurial, primarily Non-US Small Cap companies, that meet the thresholds embedded in their proprietary Entrepreneur Factor (EF). ERShares’ EF delivers strong performance across a variety of investment strategies without disrupting investors’ underlying risk profile metrics. Their geographic diversity enables them to harness global advantages through additional returns associated with currency fluctuations, strategic geographic allocations, comparative trade imbalances and relative supply/demand strengths.
DAX|15|PendingDownload the FactSet Analyst Insight Reporthere.
CYB|15|CYB offers a way for investors to gain exposure to the value of the Chinese currency, and as such has a number of potential uses. CYB can be a safe haven that provides diversification from the U.S. dollar, or can be a longer-term holding that allows investors to benefit if the Chinese yuan is ultimately allowed to float freely and gains ground against the greenback. The structure of CYB is noteworthy; whereas many currency ETPs are structured as grantor trusts or ETNs, CYB is a true, actively-managed 1940 Act ETF. That may provide favorable tax treatment for those seeking long-term exposure, and can have the added benefit of enhanced diversification. Investors interested in yuan exposure should take a closer look at the securities CYB uses to accomplish its objective, and understand the potential limitations the strategy may impose.
THNQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWCO|15|The Invesco S&P 500 Equal Weight Communication Services ETF tracks an index of U.S. companies that are classified as communications services stocks, then equal weights those holdings. If there are fewer than 22 companies in the index, the fund will supplement its holdings with the largest communication services companies in the S&P MidCap 400 index. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a portfolio. EQCO tends to have a larger allocation to mid-cap stocks than market-cap weighted rivals tracking the same industry. Sector funds are a relatively niche strategy, and most buy-and-hold investors already own the underlying stocks as part of their U.S. equity portfolio. For those who want to overweight an industry, or for advisers engaged in tactical sector rotation strategies, EWCO could be a good choice. It’s worth noting that EWCO is more expensive and less liquid than the popular SPDR sector ETF, a market-cap weighted ETF focusing on the same sector. Investors should compare fees, performance and liquidity.
FLTW|15|The Franklin FTSE Taiwan ETF (FLTW) tracks an index of large and mid-sized companies in Taiwan. As of June 2020, FLCH’s management fee is a fraction of the price of the iShares MSCI Taiwan ETF (EWT), though the Franklin fund continues to trail in size and liquidity. Both funds are heavy on tech stocks, and FLTW has a smidge more exposure to mid caps than its iShares rival.
BKSB|15|The BNY Mellon Short Duration Corporate Bond ETF (BKSB) tracks an index that offers exposure to investment-grade corporate bonds with a remaining maturity ranging from one to five years. The index includes U.S.-dollar denominated, fixed-rate debt. By investing in shorter-term securities, BKSB reduces interest-rate risk. BKSB might be useful for investors looking to enhance fixed income returns without taking on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. BKSB is priced competitively with ultra-low-cost rivals like the Vanguard Short-Term Corporate Bond ETF (VCSH), the SPDR Portfolio Short Term Corporate Bond ETF (SPSB), and the iShares Short-Term Corporate Bond ETF (IGSB).
IBBQ|15|The Invesco Nasdaq Biotechnology ETF tracks a market-cap weighted index of biotechnology and pharmaceutical firms listed on the Nasdaq. Companies must have a minimum market capitalization of $200 million and meet certain daily trading thresholds. The index may include large-, mid- and small-cap companies, and caps are imposed on the weighting of Individual holdings. Invesco launched the fund in June 2020 with a temporary fee waiver that knocked the expense ratio to zero. Even without the fee waiver, IBBQ dramatically undercut the fees of similar ETFs in the same industry. The ETF quickly picked up assets but it has a long way to go to catch up to established rivals. Traders looking for short-term liquidity may want to compare trading against competing funds. For investors making a longer-term play, Invesco’s fund fees are hard to beat, though it’s worthwhile to comparison shop since the ETF industry has a long history of price wars.
WANT|15|PendingDownload the FactSet Analyst Insight Reporthere.
FID|15|PendingDownload the FactSet Analyst Insight Reporthere.
QYLG|15|PendingDownload the FactSet Analyst Insight Reporthere.
VXZ|15|This ETP offers exposure to medium-term VIX futures, giving investors a way to achieve exposure to an asset class that often exhibits a strong negative correlation with equities. It should be noted that VXZ does not offer exposure to the spot VIX; rather it replicates an index comprised of futures contracts, and as such will be impacted by factors beyond simply movements in the “fear index.” Because VXZ consists of longer-dated futures contracts, it may feature diminished correlation to the spot VIX, but generally won’t be subject to the significant contango-related return erosion experienced by short term products such as VXX, VIIX, or VIXY. Still, this product should not be a component of long-term buy-and-hold portfolios; it is designed for sophisticated investors with a short-term focus, and is nearly guaranteed to lose value over the long run. One structural note: as an ETN, VXZ avoids tracking error but may expose investors to credit risk, as well as unique tax treatments. VIXM offers similar exposure in an ETF wrapper, while VIIZ is a near-identical ETN alternative.
EAOK|15|PendingDownload the FactSet Analyst Insight Reporthere.
EUM|15|This ETF offers inverse exposure to an index comprised of securities from emerging markets, making it a potentially attractive option for investors looking to bet against this sector of the global economy. It’s important to note that EUM is designed to deliver inverse results over a single trading session, with exposure resetting on a daily basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. EUM should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in emerging market equities. Investors also have the option of simply selling short a traditional emerging market fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
LABD|15|PendingDownload the FactSet Analyst Insight Reporthere.
JDIV|15|The JPMorgan U.S. Dividend ETF (JDIV) tracks a rules-based index that weights stocks based on volatility and yield and selects the highest-yielding stocks. As of June 2020, the fund owns more than 200 stocks ranging from micro cap to large cap. JDIV is competitively priced, though there are less expensive rivals, including ultra-cheap dividend ETFs like the giant Vanguard Dividend Appreciation ETF (VIG) or the Vanguard High Dividend Yield ETF (VYM). JDIV also lags in both assets and liquidity.
PQIN|15|PendingDownload the FactSet Analyst Insight Reporthere.
PBTP|15|The Invesco PureBeta 0-5 Yr US TIPS ETF tracks an index of inflation-protected securities backed by the U.S. government. The fund invests in debt with a remaining maturity of less than five years. The mix of short- and medium-term duration also gives the fund some protection against rising interest rates, which tend to put a larger dent in the value of longer-dated Treasurys. The tradeoff is that shorter-dated Treasurys provide lower returns. PBTP may be a good choice for investors who want the safety of U.S.-backed government debt, but are also worried that a sudden surge in inflation — and the likelihood of a resulting interest rate hike — will drag down the value of longer-dated Treasurys. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. As expected, fund fees are competitive, though investors should note that older ETFs in the space have drawn more assets and liquidity.
ROAM|15|PendingDownload the FactSet Analyst Insight Reporthere.
NUSA|15|PendingDownload the FactSet Analyst Insight Reporthere.
AZAO|15|PendingDownload the FactSet Analyst Insight Reporthere.
ZIG|15|PendingDownload the FactSet Analyst Insight Reporthere.
DVYA|15|This ETF offers a way to invest in dividend-paying stocks from the Asia Pacific region, a relatively narrow segment of the global equity universe that could potentially be appealing to a wide range of investors. DVYA could be useful for those looking to beef up the current returns from their equity holdings, and might also be a useful way to lower overall volatility by focusing on dividend paying securities. Though this ETF could be used in long-term portfolio, it’s probably most useful as a tactical tool for shifting exposure to this segment of the market for a shorter period of time.
IBTE|15|PendingDownload the FactSet Analyst Insight Reporthere.
UTSL|15|PendingDownload the FactSet Analyst Insight Reporthere.
GXG|15|GXG offers exposure to Colombian equities, by holding the largest and most liquid companies that are domiciled in the South American nation. For investors seeking investment in the nation, GXG is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. GXG is a nice option for investors who want to load up on Colombia but be aware the fund could experience high levels of volatility.
PBSM|15|The Invesco PureBeta MSCI USA Small Cap ETF tracks an index of small-cap U.S. companies. The fund provides comprehensive, low-cost exposure to the segment, which represents approximately 14% of the market capitalization of the U.S. market. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. While fund fees are reasonable, the fund hasn’t attracted the assets and daily liquidity of competing ETFs.
EJUL|15|PendingDownload the FactSet Analyst Insight Reporthere.
PAMC|15|PendingDownload the FactSet Analyst Insight Reporthere.
FRTY|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHMF|15|PendingDownload the FactSet Analyst Insight Reporthere.
IEIH|15|PendingDownload the FactSet Analyst Insight Reporthere.
FIVA|15|The Fidelity International Value Factor ETF (FIVA) tracks an index of mid- and large-cap developed market stocks outside the U.S. that have attractive valuations. With about 100 stocks, FIVA has a shallower portfolio when compared with rival Shares MSCI EAFE Value ETF (EFV). Like many single-factor funds, FIVA isn’t a replacement for a core, standalone holding of developed market stocks. It is more attractive as a tactical bet or to add a value tilt to an international portfolio. FIVA is reasonably priced for a factor fund, though cost conscious investors may prefer ultra-low-cost plain vanilla index funds like the iShares Core MSCI EAFE ETF (IEFA) and the Vanguard FTSE Developed Markets ETF (VEA).
BSMP|15|The Invesco BulletShares 2025 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
EWGS|15|This product is the small cap counterpart to the well-known EWG, which focuses on German large cap securities. The German economy has been a global powerhouse for the past few decades, as they have been able to boast relative stability and strong GDP. The country is also home to some of the biggest and most profitable exporters in the world. EWGS is designed to provide investors with significant exposure to the small cap sector of the German economy, which employs over 70% of the country’s workers. As with any small cap fund, this product will carry more risk than your traditional large cap-heavy international equity ETF, as small caps tend to be much more susceptible to market blips and jumps. But for investors willing to take on the risks, EWGS may be a great addition for those looking to cash in on the small cap segment of this robust European economy. Investors should also consider GERJ, which offers comparable exposure for a cheaper expense fee.
CIZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
NAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
THY|15|PendingDownload the FactSet Analyst Insight Reporthere.
SFIG|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSBE|15|The Invesco BulletShares 2022 USD Emerging Markets Debt ETF tracks an index of emerging market debt that mature in the indicated year. The fund invests in a mix of U.S. dollar-denominated sovereign and corporate securities, including investment-grade and junk. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares emerging market debt ETFs roll the proceeds of their maturing bonds into cash or cash equivalents, including short-term Treasurys and investment-grade commercial paper. Once the target date is reached, the fund distributes the capital back to investors and shuts down. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to emerging market debt can sell their maturing ETF and buy a later-dated BulletShares fund or a different emerging market debt ETF. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of emerging market debt with fixed maturities, BulletShares provide income and diversification for a competitive fee.
RAYC|15|PendingDownload the FactSet Analyst Insight Reporthere.
UMAY|15|PendingDownload the FactSet Analyst Insight Reporthere.
CNCR|15|PendingDownload the FactSet Analyst Insight Reporthere.
CCRV|15|PendingDownload the FactSet Analyst Insight Reporthere.
TCTL|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLSW|15|The Franklin FTSE Switzerland ETF (FLSW) tracks an index of large and mid-size companies in Switzerland. FLSW offers broadly similar exposure to the iShares MSCI Switzerland ETF (EWL) at a fraction of the price. Despite the lower management fee, FLSW hasn’t attracted the size and liquidity of EWL.
MTGP|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSML|15|The Analyst Report for BSML is not available.
LSST|15|PendingDownload the FactSet Analyst Insight Reporthere.
FYLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
GBUG|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLIN|15|The Franklin FTSE India ETF (FLIN) tracks an index of large and mid-size companies in India. FLIN’s management fee is a fraction of the price of the iShares MSCI India ETF (INDA), though the Franklin fund continues to trail its iShares rival in size and liquidity. FLIN also offers a deeper portfolio than INDA, with more exposure to mid cap stocks. The two funds have broadly similar sector exposure, with some variation.
RINF|15|This ETF is designed to deliver a unique way for investors to protect their portfolios from the adverse impacts associated with an uptick in inflation. As such, RINF can be used in a number of different ways; it may have appeal as a core holding in long-term portfolios, or as a more tactical allocation when expectations for inflation increase.
GYLD|15|This ETF offers multi-asset class exposure to high yielding securities, delivering a diversified, balanced portfolio that is capable of paying a meaningful distribution yield. As such, GYLD can be used in a number of ways within a portfolio. Those focusing on the long-term may see an allocation to GYLD as a tool for enhancing current returns while also achieving exposure to asset classes that are often overlooked or underweighted in long-term portfolios, such as REITs, MLPs, and junk bonds. Others may see GYLD as a tactical tool for scaling back on risk exposure in anticipation of declines in risky assets. GYLD is unique in that it includes exposure to stocks, bonds, and alternatives within a single ticker, resulting in a well-diversified basket of holdings. One item worth noting is the expense ratio; a close competitor IYLD charges less for comparable exposure, although investors should be aware that this offering is structured as an ETF-of-ETFs.
XSHQ|15|The Invesco S&P SmallCap Quality ETF tracks an index of U.S. small-cap stocks with stronger balance sheets and financial fundamentals than their peers. The methodology begins with the S&P SmallCap 600 Index and assesses return on equity, operating assets, and financial leverage. Approximately 120 of the top scoring stocks are included in the index. The portfolio is weighed based on a combination of companies’ market capitalization and quality scores. The fund fees are reasonable for a small-cap factor strategy, though there are cheaper ultra-low-cost options in the small-cap market. The strategy is too targeted for most buy-and-hold investors, but may suit a tactical investor who wants to apply a quality overlay to their small-cap exposure. Prior to March 18, 2016, the fund tracked a different index of quality stocks.
SPAK|15|PendingDownload the FactSet Analyst Insight Reporthere.
BDCX|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBHE|15|PendingDownload the FactSet Analyst Insight Reporthere.
QARP|15|The Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) tracks an index of large-cap U.S. companies that exhibit higher quality and value characteristics. While QARP is priced competitively, its 2018 debut made it a relative latecomer to a crowded space. It hasn’t had the success raising assets that some of its rivals have enjoyed, putting it at a disadvantage when it comes to daily liquidity. There are also a number of ways to skin this particular factor, and investors have plenty of choices offered by better-known brands, such as the Schwab Fundamental U.S. Large Cap Company Index ETF (FNDX), the iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL), the FlexShares US Quality Low Volatility Index Fund (QLV), or the iShares Core S&P U.S. Value ETF (IUSV). The list goes on. Cost-conscious investors might want to compare returns with plain-vanilla U.S. funds like the Vanguard Total Stock Market ETF (VTI) or the iShares S&P 500 ETF (IVV).
BKEM|15|The BNY Mellon Emerging Markets Equity ETF (BKEM) tracks an index that offers broad exposure to large cap equities in emerging markets. Stocks are screened out based on liquidity, and the index then targets the largest 70% of companies from each eligible country. BKEM is priced competitively with ultra-low-cost rivals like the SPDR Portfolio Emerging Markets ETF (SPEM), the iShares Core MSCI Emerging Markets ETF (IEMG), the Charles Schwab Emerging Markets Equity ETF (SCHE), and the Vanguard FTSE Emerging Markets ETF (VWO). As a result of its methodology, BKEM owns a smaller universe of securities than those funds, and tilts more heavily toward large cap stocks.
WCBR|15|PendingDownload the FactSet Analyst Insight Reporthere.
OEUR|15|PendingDownload the FactSet Analyst Insight Reporthere.
HOLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
IUSS|15|The Invesco RAFI Strategic US Small Company ETF tracks a proprietary index that targets small U.S. companies that exhibit strong sales, cash flow, return on capital, and book value. The companies are assigned a score based on the ratio of sales to assets in the prior year, and on the growth of sales-to-assets in the previous five years. Component companies are then ranked, with the top tier being eligible for inclusion. Companies are weighted according to their scores. The result is a portfolio of small- and mid-cap U.S. equities that has a markedly different sector breakdown compared with a market-cap weighted small-cap ETFs. Fund fees are reasonable, though more expensive than some of the cheapest plain-vanilla U.S. equity ETFs on the market. Is it worth it? The fund launched in September 2018, so there’s limited real-world trading but it has had some periods of strong outperformance compared with some of the behemoths in the small-cap segment. For investors who believe in the strategy, IUSS could be a good complement to small-capU.S. equity exposure. Investors should compare price, performance and portfolio to plain-vanilla index ETFs as well as other U.S. factor strategies.
SPVM|15|The Invesco S&P 500 Value with Momentum ETF tracks an index of the 100 stocks within the S&P 500 that are the most undervalued and have the strongest price momentum. Momentum investing emphasizes stocks that have had better recent price performance, while value investing seeks out those stocks that are underpriced based on the company’s fundamentals. The methodology winnows the investment universe down to 200 stocks by assessing earnings and sales relative to stock price. The 100 remaining stocks with the strongest momentum are then included. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. SPVM charges high fees than pure-play ultra-low-cost value ETFs but the fees aren’t outrageous for the multi-factor space. However, SPVM’s strategy is too narrow for most buy-and-hold investors, and the fund lacks the daily liquidity that some tactical traders might be looking for.
BUYZ|15|The Franklin Disruptive Commerce ETF (BUYZ) is an actively managed fund that seeks to profit from companies that disrupt traditional commerce, such as online marketplaces and auctions, electronic payments, the sharing economy, or advances in shipping. The portfolio may include retailers, payment companies, logistics and delivery companies, and more. Many of its top holdings, like Amazon, are likely to be found in any diversified equity fund. It is one of three actively managed thematic funds launched by Franklin Templeton in February 2020.
IBHA|15|The Analyst Report for IBHA is not available.
BSMO|15|The Invesco BulletShares 2024 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
ASHS|15|The Xtrackers Harvest CSI 500 China-A Shares Small Cap Fund (ASHS) offers exposure to small mainland-listed Chinese equities, a segment that’s often overlooked by China-specific funds, which tend to have a bias toward larger companies. The tilt toward bigger firms can overemphasize the financial and energy sectors. This fund can be paired with the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR), the first and largest U.S.-listed ETF to offer direct exposure to mainland-listed Chinese equities, called A-shares.
ICOL|15|PendingDownload the FactSet Analyst Insight Reporthere.
SNLN|15|PendingDownload the FactSet Analyst Insight Reporthere.
PLTM|15|PendingDownload the FactSet Analyst Insight Reporthere.
FCEF|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPSK|15|PendingDownload the FactSet Analyst Insight Reporthere.
FOVL|15|PendingDownload the FactSet Analyst Insight Reporthere.
FTRI|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSFF|15|PendingDownload the FactSet Analyst Insight Reporthere.
WLDR|15|PendingDownload the FactSet Analyst Insight Reporthere.
BFIT|15|PendingDownload the FactSet Analyst Insight Reporthere.
HYLV|15|PendingDownload the FactSet Analyst Insight Reporthere.
AMND|15|PendingDownload the FactSet Analyst Insight Reporthere.
UTES|15|PendingDownload the FactSet Analyst Insight Reporthere.
AVSF|15|PendingDownload the FactSet Analyst Insight Reporthere.
BRF|15|This ETF offers targeted exposure to Brazil’s small cap segment, making it a powerful tool that can be used to fine tune equity portfolios. Given the granularity of this fund, BRF likely has some appeal to long-term investors with a buy-and-hold philosophy but it is more likely to appeal to those looking to implement a tactical shift or capitalize on perceived mispricings over a relatively short time horizon. However, some might view the product as a more accurate representation of the Brazilian economy instead of the top heavy— as well as energy and financial heavy— EWZ. Small and mid caps are thought by many to offer more of a pure play on national economies but small caps are likely to offer less stability than their mid cap brethren but could offer higher returns over the long run. However, this targeted exposure comes at a price as the fund has only about 40 holdings in total and it has high levels of concentration in some of its top holdings. But for efficient, targeted exposure to Brazil’s small caps, BRF can certainly deliver. The expense ratio on this fund is comparable to other products in the category, and given its focus on small caps, this suggests that the fund is a pretty good value for investors and traders alike.
MLPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
MGMT|15|PendingDownload the FactSet Analyst Insight Reporthere.
UCC|15|This ETF offers 2x daily long leverage to the Dow Jones U.S. Consumer Services Index, making it a powerful tool for investors with a bullish short-term outlook for consumer service equities. Investors should note that UCC’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UCC can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
ERY|15|This ETF offers 3x daily short leverage to the Energy Select Sector Index, making it a powerful tool for investors with a bearish short-term outlook for the broad energy sector. Investors should note that ERY’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. ERY can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
IEHS|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWMF|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLRT|15|PendingDownload the FactSet Analyst Insight Reporthere.
STNC|15|PendingDownload the FactSet Analyst Insight Reporthere.
FFR|15|This ETF offers exposure to real estate markets in North America, Europe, and Asia, splitting assets between U.S. REITs and primarily companies domiciled in developed markets. As such, FFR has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). FFR casts a relatively wide net, including hundreds of individual securities in more than a dozen different countries; concentration issues are minimal in this fund. FFR may be appropriate for investors looking for a specific split between U.S. and international real estate exposure, while those looking for a more precise bifurcation may wish to use multiple funds to accomplish the objective of this ETF (options like IFAS and IFEU may allow more granularity in the international real estate segment). FFR is a bit on the pricey side, though not considerably more expensive than options such as RWO.
ARGT|15|ARGT offers exposure to Argentinian equities, by holding companies that are domiciled in the South American nation. For investors seeking investment in the nation, ARGT is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. ARGT is a nice option for investors who want to load up on Argentina but be aware the fund could experience high levels of volatility.
BCM|15|This exchange-traded note offers exposure to a broad basket of commodities futures, including contracts linked to agricultural resources, precious and industrial metals, and various fuels. As such, BCM is one of many funds in the Commodities ETFdb Category that has the potential to bring diversification and return enhancement benefits to stock-and-bond portfolios; this ETF can be useful as either a components of a long-term portfolio or as a shorter-term play for those bullish on commodity prices. There are several ETPs offering similar exposure, and a handful of nuances that make BCM unique. First, it should be noted that BCM is an ETN, meaning that investors are exposed to the credit (default) risk of the bank behind the exchange-traded note, but will be able to avoid tracking error (which can be a big issue among some commodity ETFs). The ETN structure may also have some favorable tax characteristics relative to ETFs, especially for investors who intend to establish a position for more than a year. Another noteworthy attribute of BCM is the roll frequency of the underlying index; this ETN is linked to an index comprised of futures contracts, and as such may not correspond to movements in spot prices for the underlying resources. Unlike many commodity ETPs, BCM does not roll exposure on a predetermined schedule; the roll timing is based on a proprietary methodology designed to reduce the impact of contango or backwardation on returns. This feature, which is conceptually similar to the strategy behind DBC (a popular broad-based commodity ETF) may make BCM more appealing to investors looking to establish a position over the long term. Other broad-based commodity options to consider are DBC and USCI (both ETFs) as well as the cost efficient DJCI (an ETN). Be sure to take a look under the hood and examine the allocation across various commodity families; this mix can vary from ETP to ETP, and generally has a big impact on bottom line returns.
NIB|15|This ETN offers exposure to cocoa futures, making it one of the more targeted and obscure commodity ETPs available. Cocoa prices can often exhibit significant volatility due to concentration of production and geopolitical instability, and NIB is the best way to play this commodity. For investors seeking exposure to cocoa, NIB is one of the best options out there. But investors should be aware that this ETN exposes them to credit risk, and follows a futures-based index that may lag behind a hypothetical return on spot cocoa.
ASEA|15|This fund offers broad exposure to the original five members of the Association of Southeast Asian Nations; Singapore, Indonesia, Malaysia, Thailand, and the Philippines. Its primary focus is large cap companies and the fund is heavily weighted towards firms in Singapore and Malaysia. ASEA may be appropriate for investors seeking more exposure to the Southeast Asia region as most ETFs offer little in terms of investment in the area.
DXJS|15|PendingDownload the FactSet Analyst Insight Reporthere.
FJP|15|This fund offers broad exposure to securities that are domiciled and trade in the Japanese equity market. That makes FJP one of many ways to bet on the third largest economy in the world behind only China and the U.S. Unfortunately, Japan has been stuck in an economic malaise for quite some time now although the country does have impressive capabilities in the manufacturing and technology sectors and it remains well positioned to benefit from broad Asian growth. FJP does employ an ‘alphadex’ methodology in order to select securities for this modified equal-dollar weighted fund.  As a result, the fund could be appropriate for some investors seeking to make a tactical tilt towards Japanese equities while at the same time employing the popular methodology from First Trust in order to potentially avoid some of the worst names in the index. However, the fund does charge investors fees that are nearly double the cheaper securities in the category suggesting that those especially worried about fees should look elsewhere for their Japanese exposure.
SPXB|15|PendingDownload the FactSet Analyst Insight Reporthere.
AZBO|15|PendingDownload the FactSet Analyst Insight Reporthere.
NACP|15|PendingDownload the FactSet Analyst Insight Reporthere.
DFND|15|PendingDownload the FactSet Analyst Insight Reporthere.
BBSA|15|The JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (BBSA) tracks an index that offers exposure to U.S.-dollar denominated, investment-grade corporate bonds with a remaining maturity ranging from one to five years. By investing in debt at the low-to-midpoint of the maturity spectrum, BBSA delivers a moderate amount of both interest-rate and credit risk. BBSA might be useful for investors looking to enhance fixed income returns but hesitant to take on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. Like all of JPMorgan’s ‘BetaBuilders’ ETFs, the fund’s management fee was set low enough to compete with ultra-low-cost rivals like the Vanguard Short-Term Corporate Bond ETF (VCSH), the SPDR Portfolio Short Term Corporate Bond ETF (SPSB), and the iShares Short-Term Corporate Bond ETF (IGSB)
SCDL|15|PendingDownload the FactSet Analyst Insight Reporthere.
KOCT|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSMN|15|The Invesco BulletShares 2023 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
HJEN|15|PendingDownload the FactSet Analyst Insight Reporthere.
BBC|15|PendingDownload the FactSet Analyst Insight Reporthere.
QULL|15|PendingDownload the FactSet Analyst Insight Reporthere.
RORO|15|PendingDownload the FactSet Analyst Insight Reporthere.
GSEE|15|PendingDownload the FactSet Analyst Insight Reporthere.
XYLG|15|PendingDownload the FactSet Analyst Insight Reporthere.
IDX|15|IDX offers investors exposure to the Emerging market of Indonesia by investing in securities of companies that are based or do a great deal of business in the nation. Since many of the large caps in this fund are likely to not be found in other EM funds, IDX could make for an interesting satellite holding but is probably not appropriate as a core holding in a diversified portfolio. For investors seeking greater exposure to the Indonesian market, IDX is one of the only ‘pure play’ option available.
NRGD|15|PendingDownload the FactSet Analyst Insight Reporthere.
LGOV|15|PendingDownload the FactSet Analyst Insight Reporthere.
IWDL|15|PendingDownload the FactSet Analyst Insight Reporthere.
RWVG|15|PendingDownload the FactSet Analyst Insight Reporthere.
RSXJ|15|This ETF offers exposure to small cap Russian equities, making it one of several options available for accessing a component of the BRIC bloc that holds tremendous potential but also significant risks. Russia’s economy remains largely dependent on the energy sector, thanks to the country’s vast reserves of natural gas and oil, and as such RSXJ can be heavily influenced by changes in energy prices.  RSXJ is probably too granular for long-term buy-and-holders, but can be useful for investors looking to implement a country rotation strategy or to tilt exposure towards this emerging market. RSXJ is, surprisingly, not as heavily tilted towards the energy sector as its large cap peers as just 17.5% of the fund goes towards that sector. That weighting is matched by similar levels in the utilities, materials, and industrials spaces, suggesting that RSXJ may offer a more balanced play on the Russian market. Nevertheless, the combination of small caps and Russia is a pretty potent mix and investors should use extreme caution when investing in this often volatile product.
EAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSCE|15|This “BulletShares” ETF is a relatively recent innovation in the bond ETF space, and is somewhat unique among the universe of fixed income ETPs. BSCE offers focused exposure to investment grade corporate bonds maturing in 2014, making it much more granular than many other products. Most bond ETFs focus on securities maturing within a certain number of years (such as 1-5 year Treasuries or 20+ year corporate bonds). These bond ETFs generally operate indefinitely, maintaining a similar duration and interest rate risk across time and reinvesting any proceeds from the sale of component bonds into new securities. BSCE is different in that it has a target maturity date and will eventually close down after the underlying bonds have reached maturity and the principal has been distributed to shareholders (over time, BSCE’s portfolio will gradually shift to cash). As such, this product will deliver a “yield experience” that is more similar to holding an individual bond; investors in BSCE will receive periodic interest payments as well as repayments of principal when the underlying bonds reach maturity. Unlike holding a single bond, however, BSCE provides diversification across sectors and issuers—reducing risk in the process. This “BulletShares” strategy has a number of potential advantages and applications. It allows investors to precisely manage the risk/return profile of a fixed income portfolio, and can be a useful tool for matching up expected cash inflows (from bond maturities) with expected future liabilities. The predictable cash flow profile afforded by this approach may be appealing for all types of investors, from pension funds planning for a big distribution several years down the road to families planning to fund a college education. The target maturity date structure has other potential advantages as well; it may sidestep the “return erosion” that some believe plagues bond ETFs as a result of minimum maturity windows or front-running opportunities. BSCE might not be useful for all investors; those looking for a low maintenance approach to fixed income exposure or those interested in maintaining a stable risk profile across time may ETFs that effectively reinvest any proceeds as bonds get close to maturity (such as LQD). But for those looking to fine tune fixed income portfolios and manage future liabilities, BSCE and the other BulletShares products may be extremely useful tools.
AZAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
IDIV|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLAX|15|The Franklin FTSE Asia ex Japan ETF (FLAX) tracks and index of large- and mid-cap stocks in developed and emerging markets in Asia, excluding Japan. Many Asia-Pacific equity funds make a large allocation to Japan. While Japan is one of the world’s largest economies, it has also had extended periods of low growth rates and rising debt burdens. Some investors would rather avoid this potential drag on their portfolio. FLAX invests in China, South Korea, Hong Kong, India, Indonesia, Malaysia, Pakistan, the Philippines, Singapore, Taiwan, and Thailand. The inclusion of emerging and developed markets, plus a sizable allocation to mid cap stocks gives FLAX a deeper portfolio than some of its rivals.
UMAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
KMLM|15|PendingDownload the FactSet Analyst Insight Reporthere.
IWFL|15|PendingDownload the FactSet Analyst Insight Reporthere.
KSCD|15|PendingDownload the FactSet Analyst Insight Reporthere.
TDSA|15|PendingDownload the FactSet Analyst Insight Reporthere.
ICOW|15|PendingDownload the FactSet Analyst Insight Reporthere.
ALTY|15|PendingDownload the FactSet Analyst Insight Reporthere.
RESE|15|PendingDownload the FactSet Analyst Insight Reporthere.
XDIV|15|The Analyst Report for XDIV is not available.
ALFA|15|This ETF tracks a dynamic benchmark which is based on top holdings of hedge fund managers. The underlying index is constructed by analyzing 13F filings, which are regulatory filings that institutional investors with $100 million or more in assets under management are required to file with the SEC within 45 days of the end of each quarter. As such, ALFA attempts to mimic the positions and strategies implemented by professional money-managers, many of whom have a proven track record of consistently generating alpha. There are some drawbacks to this strategy however; besides the time lag associated with the SEC paperwork, there is also the issue of incompleteness of these filings and the nuances of net exposure reported. Investors should also consider GURU, which offers a generally similar strategy for a cheaper price tag; the distinguishing feature being that ALFA has the flexibility to vary between a traditional long only portfolio and a market hedged strategy based on relative price targets.
WOMN|15|PendingDownload the FactSet Analyst Insight Reporthere.
USML|15|PendingDownload the FactSet Analyst Insight Reporthere.
CEFD|15|PendingDownload the FactSet Analyst Insight Reporthere.
PILL|15|PendingDownload the FactSet Analyst Insight Reporthere.
CN|15|The Xtrackers MSCI All China Equity Fund (CN) tracks an index of Chinese equities listed in mainland China as well as in Hong Kong, the U.S. and Singapore. What sets CN apart from other All China ETFs is that it buys mainland China stocks, called A-shares, as well as securities of Chinese companies that are incorporated or listed outside of China.
UDEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
GIGE|15|PendingDownload the FactSet Analyst Insight Reporthere.
EFNL|15|This ETF, which launched in early 2012, was the first fund to employ a Finland-specific strategy. EFNL charges an expense ratio of 53 basis points, which is somewhat high for a developed economy focused product. As is typical of first to market country products, EFNL’s portfolio is relatively shallow. The fund has less than 50 securities with nearly two thirds of total assets allocated to the top ten holdings alone. Like most other international equity funds, this ETF is also tilted towards large cap companies which tend to generate their revenues from all over the globe. EFNL is well diversified from a sector breakdown perspective; industrials, information technology, materials, and financials all receive fairly equal allocations. It should be noted that EFNL launched in the midst of the second euro-zone crisis meaning that it fought an uphill battle from the start. For those looking to target exposure to this European nation, EFNL offers a strong investment thesis, but this product is likely too targeted for the majority of the investing population.
RNLC|15|PendingDownload the FactSet Analyst Insight Reporthere.
CBTG|15|PendingDownload the FactSet Analyst Insight Reporthere.
ASET|15|The FlexShares Real Assets Allocation Index Fund (ASET) is meant to provide comprehensive real asset exposure to real estate, infrastructure, and natural resources. ASET’s portfolio consists of three other FlexShares funds: FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR), FlexShares Global Quality Real Estate Index Fund (GQRE) and FlexShares STOCC Global Broad Infrastructure Index Fund (NFRA). Looking through to those portfolios, ASET’s top holding include Prologis, Canadian National Railway and Verizon.
CHIK|15|PendingDownload the FactSet Analyst Insight Reporthere.
ZSL|15|This ETF offers -2x daily leverage to silver prices, making ZSL a powerful tool for expressing a bearish outlook on the shiny precious metal. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make ZSL inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the underlying index won’t always move in unison with spot silver prices, even over the course of a single trading session. For advanced investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool for hedging silver exposure or simply for speculating on a decline in value. But ZSL shouldn’t ever be found in a long-term, buy-and-hold portfolio; it’s simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. ZSL is a trading instrument, and should be treated as such.
UJB|15|This leveraged ETF is designed to amplify daily exposure to junk bonds, a corner of the fixed income market that generally offers the greatest expected yields and the most significant risk (and can be subject to big swings over a short period of time). Given the risks associated with daily resets of leverage, UJB is not a tool for those building a long-term, buy-and-hold portfolio. Any investors seeking to add junk bond exposure for the long run should see the many options available in the High Yield Bonds ETFdb Category, including JNK and HYG. This product is more appropriate for use by risk tolerant investors looking to implement a short-term tactical tilt towards high yield corporate debt—a position that can result in big gains or big losses depending on a number of different factors. It should be noted and understood that UJB features a daily reset of leverage; this product is designed to deliver 200% exposure to the underlying index over a single trading period. When held for longer than one session (or a shorter period), the returns generated can depend on a number of different factors, and can be greater or less than the daily target multiple (sometimes by a wide margin). UJB can be used quite effectively for extended periods of time; investors wishing to hold this position open longer should simply be aware of how compounding returns can shift the risk profile and be willing and able to monitor regularly (and perhaps rebalance as needed).
KOIN|15|PendingDownload the FactSet Analyst Insight Reporthere.
UXI|15|This ETF offers 2x daily long leverage to the Dow Jones U.S. Industrials Index, making it a powerful tool for investors with a bullish short-term outlook for industrial equities. Investors should note that UXI’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UXI can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
AMOM|15|PendingDownload the FactSet Analyst Insight Reporthere.
CLDL|15|PendingDownload the FactSet Analyst Insight Reporthere.
KVLE|15|PendingDownload the FactSet Analyst Insight Reporthere.
KFVG|15|PendingDownload the FactSet Analyst Insight Reporthere.
NLR|15|This ETF offers exposure to the nuclear power industry, while also offering a way to invest in stocks of companies engaged in the production of uranium—the key component of nuclear power. As such, NLR offers exposure to all spots along the value chain for nuclear power, from the manufacture of input materials to operation of power plants. It should also be noted that this ETF is global in nature, with about a quarter of assets going to U.S. stocks. This ETF can be an interesting option for those looking to bet on nuclear power over the long run, with URA and NUCL serving as the closest alternatives. URA is more of a pure play on the uranium industry, whereas NUCL may be more appealing from an expense perspective.
IBCE|15|PendingDownload the FactSet Analyst Insight Reporthere.
TOKE|15|PendingDownload the FactSet Analyst Insight Reporthere.
RDOG|15|PendingDownload the FactSet Analyst Insight Reporthere.
MBOX|15|PendingDownload the FactSet Analyst Insight Reporthere.
PXJ|15|This ETF offers exposure to the oil services sub-sector of the domestic energy market, making it a potentially useful tool for those looking to target stocks of companies responsible for providing equipment and services to firms engaged in the extraction of oil and gas. PXJ is likely too targeted for those with a long-term focus, but can be useful as a tactical overlay or as part of a sector rotation strategy. PXJ is part of the suite of Intellidex product from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PXJ to be the ideal way to access this corner of the U.S. energy market; those not convinced about the methodology may prefer cheaper ETF options such as IEZ.
DXGE|15|PendingDownload the FactSet Analyst Insight Reporthere.
MDEV|15|PendingDownload the FactSet Analyst Insight Reporthere.
CWS|15|PendingDownload the FactSet Analyst Insight Reporthere.
IAUF|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLCA|15|The Franklin FTSE Canada ETF (FLCA) tracks an index of large and mid-size companies in Canada. Why Canada? Some popular developed markets funds exclude Canada, and investors might use country-specific funds like FLCA to fill that gap. As of June 2020, FLIY’s management fee is one of the lowest for the segment but it continues to trail rivals in assets and liquidity. The iShares MSCI Canada ETF (EWC), one of the oldest single-country ETFs on the market, is significantly more expensive than FLCA.
LRNZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
TYO|15|This ETF offers 3x short leveraged exposure to the broad-based NYSE Current 7-10 Year U.S. Treasury Bond Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. 7-10 year treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TYD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio.
NULC|15|PendingDownload the FactSet Analyst Insight Reporthere.
ESEB|15|The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB) tracks an index of debt issued by emerging market governments, but screens the securities based on environmental, social and governance factors, an investing style known by the acronym ESG. ESEB will exclude issuers that are involved in thermal coal, tobacco, weapons, or violations of the UN Global Compact principles. Each issuer is scored based on ESG criteria, then divided into five tiers. Those in the lowest tier are removed, and the remainder are weighted based on their tier, so that the portfolio tilts toward those securities with the highest ESG scores. Bonds that earn the “green” designation from the Climate Bond Initiative will be boosted up a tier. There are plenty of ESG funds, and plenty of emerging-market debt funds, but ESEB is unique in its combination of emerging market debt with an ESG screen. Better yet, ESEB’s management fee is below average for the emerging debt category.
ACVF|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWK|15|EWK offers investors exposure to the European market of Belgium by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Belgian market in particular, EWK is probably the best ‘pure play’ option available.
MBCC|15|PendingDownload the FactSet Analyst Insight Reporthere.
AVDR|15|PendingDownload the FactSet Analyst Insight Reporthere.
JIDA|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWSH|15|PendingDownload the FactSet Analyst Insight Reporthere.
GRES|15|GRES gives investors unique exposure to global companies that operate in commodity-specific market segments. The fund uses momentum and valuation factors to identify trends in equities within the livestock, grains, metals, and energy sectors. GRES holds only securities that trade in developed markets, and the fund also includes short exposure to global equities as a partial equity market hedge.
EINC|15|PendingDownload the FactSet Analyst Insight Reporthere.
WBIT|15|PendingDownload the FactSet Analyst Insight Reporthere.
GLCN|15|PendingDownload the FactSet Analyst Insight Reporthere.
BICK|15|BICK applies a twist on the concept of investing in the BRIC bloc of emerging market economies, swapping out Russia and replacing exposure with South Korean equities. Some investors believe that Russia doesn’t really fit in the BRIC bloc due to high levels of corruption and the outsized impact of the oil and gas industry. For investors who believe Russia’s dependence on natural resources results in excessively risky exposure, BICK might be a good substitute for emerging markets exposure.
MTUL|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLQD|15|PendingDownload the FactSet Analyst Insight Reporthere.
ISEM|15|The Invesco RAFI Strategic Emerging Markets ETF tracks a proprietary index that targets large companies in emerging markets that exhibit strong sales, cash flow, return on capital, and book value. Companies are scored and weighted based on these quality metrics rather than simply on company size. As a result of the methodology, the sector breakdown of the fund’s portfolio diverges significantly from traditional market-cap weighted options in the same markets — which may be exactly what strategic investors are looking for. The fund fees are reasonable for a factor strategy investing in international equities, though there are cheaper plain-vanilla ETFs on the market. The fund also lacks the assets and liquidity of some plain-vanilla rivals. Investors should note that the fund owns a narrower universe of companies than some broad-based rival ETFs, which may reduce diversification benefits and increase concentration risk. It’s also important to note that the fund relies on an index that excludes South Korea from emerging markets, whereas many popular emerging markets ETFs include South Korean equities. Investors who mix and match funds from different providers should make sure they’re not unintentionally overweighting or underweighting South Korea. Investors should compare fees, holdings and performance against both plain-vanilla emerging market ETFs and factor strategies investing in the same markets.
GLL|15|This ETF offers 2x daily shot leverage to the Gold bullion, making it a powerful tool for investors with a bearish short-term outlook for gold bullion. Investors should note that GLL’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. GLL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
DBV|15|This ETP offers a way to play the carry trade through a single ticker, seeking to exploit the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. By borrowing in cheap currencies and investing in higher-yielding accounts, DBV is capable of delivering non-correlated returns that will generally be positive. Beware, however, that the carry trade has unwound before, and that such a phenomenon can lead to relatively significant losses in a short period of time. The other option for investors looking to implement a similar strategy is ICI, an ETN from iPath. Besides the structural differences, these products take a very different approach to the carry trade, so further investigation is warranted if trying to decide between the two.
HELX|15|The Franklin Genomic Advancements ETF (HELX) is an actively managed fund that invests in companies that stand to benefit from advancements in genomic-based research techniques and technologies. It is one of three actively managed thematic funds launched by Franklin Templeton in February 2020.
FSMO|15|PendingDownload the FactSet Analyst Insight Reporthere.
FPA|15|This ETF offers exposure to a handful of developed economies in Asia, including South Korea, Hong Kong, Australia and Singapore but excluding Japan. As such, this fund may be appealing to those who are looking to tilt developed markets exposure towards Asia, but are skeptical of Japan’s ability to generate meaningful GDP growth. Many of the underlying economies are included in broad-based international ETFs, so beware double-dipping on some of these markets (though FPA can be useful for a tactical overweight position). While there are multiple Asia ex-Japan ETFs available, FPA is unique because of the methodology underlying the related index. This ETF is part of the AlphaDEX suite of ETFs from First Trust that are linked to indexes utilizing quant-based screens in an attempt to identify the stocks poised to outperform their broad peer group. In exchange for this advanced methodology, investors will have to pay a bit more; FPA is a bit more expensive than cap-weighted ETF options such as AAXJ and EPP (though the gap is relatively small compared to expense differentials among U.S equity funds). For those who believe that the AlphaDEX methodology has the ability to generate excess returns over the long run, this ETF may be very appealing as a way of overweighting developed Asian economies in a long-term portfolio or for establishing a short-term tactical tilt towards this region. For those looking to minimize fees or skeptical about the ability of the methodology to add value, EPP may be a better option.
QJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
JUSA|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPXE|15|PendingDownload the FactSet Analyst Insight Reporthere.
RNDM|15|PendingDownload the FactSet Analyst Insight Reporthere.
UFEB|15|PendingDownload the FactSet Analyst Insight Reporthere.
RECS|15|PendingDownload the FactSet Analyst Insight Reporthere.
MSVX|15|PendingDownload the FactSet Analyst Insight Reporthere.
SGG|15|This ETN offers exposure to sugar futures, making it one of the more targeted and obscure commodity ETPs available. Sugar prices can often exhibit significant volatility due to concentration of production and geopolitical instability, and SGG is the best way to play this commodity. For investors seeking exposure to sugar, SGG is one of the best options out there. But investors should be aware that this ETN exposes them to credit risk, and follows a futures-based index that may lag behind a hypothetical return on spot sugar prices.
JCTR|15|PendingDownload the FactSet Analyst Insight Reporthere.
JJN|15|This fund offers exposure to one of the world’s most important industrial metals, nickel, potentially giving JJN appeal as an inflation hedge. However, investors should be wary of investing via the futures-based strategy as it is susceptible to contango, a phenomenon that can eat into returns. For investors seeking exposure to nickel beyond physical exposure or through a mining firm, JJN is the only pure play choice available.
HTUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
AVMU|15|PendingDownload the FactSet Analyst Insight Reporthere.
VPC|15|PendingDownload the FactSet Analyst Insight Reporthere.
IGLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
IWML|15|PendingDownload the FactSet Analyst Insight Reporthere.
GSP|15|This ETN is linked to a broad-based commodity index, making it one of many options available to those seeking exposure to natural resources. Though GSP offers exposure to a number of commodity families, it is heavily weighted towards energy resources, including crude oil and natural gas. Precious metals and livestock receive relatively minor allocations; GCC may be a better choice for those seeking balanced commodity exposure. It should also be noted that GSO is structured as an ETN, which has both potential drawbacks and benefits. Investors are exposed to the credit risk of the issuing institution, but will avoid tracking error and may receive more favorable tax treatment. For those seeking commodity exposure tilted heavily towards energy, this ETN might be a good choice. Those seeking more balanced exposure should look elsewhere.
SMCP|15|PendingDownload the FactSet Analyst Insight Reporthere.
EDOG|15|PendingDownload the FactSet Analyst Insight Reporthere.
USAI|15|PendingDownload the FactSet Analyst Insight Reporthere.
CSA|15|PendingDownload the FactSet Analyst Insight Reporthere.
BALT|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSCU|15|The Invesco BulletShares 2030 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee.
DVLU|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHMC|15|PendingDownload the FactSet Analyst Insight Reporthere.
HLGE|15|PendingDownload the FactSet Analyst Insight Reporthere.
KEMX|15|PendingDownload the FactSet Analyst Insight Reporthere.
ESUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSCM|15|This ETF is one of many in the Materials ETFdb Category, offering exposure to the U.S. materials sector, a corner of the domestic stock market that may have appeal to investors looking to gain indirect exposure to commodity prices through the stocks of companies engaged in the extraction or production of natural resources. Because the materials sector generally accounts for a relatively small allocation within broad-based equity ETFs, some investors may be interested in adding this ETF to a long-term portfolio. PSCM may also be useful for establishing a tactical tilt towards the materials sector, and can be useful as part of a sector rotation strategy.
BSMQ|15|The Invesco BulletShares 2026 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
SFYF|15|PendingDownload the FactSet Analyst Insight Reporthere.
ROSC|15|PendingDownload the FactSet Analyst Insight Reporthere.
MLPO|15|PendingDownload the FactSet Analyst Insight Reporthere.
DIVS|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSCU|15|This ETF is one of several within the Utilities ETFdb Category that offers targeted exposure to this sector of the U.S. economy. Because utilities have historically shown low volatility and high dividend yields, this asset class might be appealing for those seeking low beta equity exposure or looking to beef up the current returns generated by the equity side of a portfolio. Given the sector-specific focus, this ETF might be more appealing to those with a specific outlook on utilities, as opposed to those looking to build a longer-term, buy-and-hold portfolio.
FLQE|15|The Franklin LibertyQ Emerging Markets ETF (FLQE) tracks an index of stocks from emerging markets countries based on quality, value, momentum, and low volatility. The index tilts more heavily toward quality and value, with a lesser emphasis on momentum and low-vol.
EMSG|15|The Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG) tracks an MSCI index of emerging market stocks, selecting those securities that score the highest relative to their peers on environmental, social and governance factors, known by the acronym ESG. EMSG includes companies that score in the top 50% of scores in each sector — and so will own about half as many companies as the parent index — then weights those stocks to keep the sector allocation in line with the parent index. The fund excludes companies involved in alcohol, tobacco, gambling, controversial and conventional weapons, nuclear power, and civilian firearms. EMSG’s management fee is cheaper than rival iShares ESG MSCI EM ETF (ESGE), but the iShares fund has significantly more assets and daily liquidity. The idea is that companies with higher ESG scores will outperform their rivals over the long run.
IBTH|15|PendingDownload the FactSet Analyst Insight Reporthere.
EDZ|15|This ETF offers 3x daily short leverage to the broad-based MSCI Emerging Markets Index, making it a powerful tool for investors with a bearish short-term outlook for emerging markets. Investors should note that EDZ’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EDZ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FITE|15|State Street’s SPDR S&P Kensho Future Security ETF tracks an index of U.S. companies involved in aerospace and defense innovations, a twist on the traditional defense ETF.
AZAJ|15|PendingDownload the FactSet Analyst Insight Reporthere.
FIHD|15|PendingDownload the FactSet Analyst Insight Reporthere.
HDAW|15|The Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW) offers broad exposure to dividend-paying global equities outside of the U.S., while also hedging out the currency exposure that an investment in international equities brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments.
FLAU|15|The Franklin FTSE Australia ETF (FLAU) tracks an index of small and mid-size companies in Australia, and for a very reasonable price. As of June 2020, FLCH’s management fee is a fraction of the price of the iShares MSCI Australia ETF (EWA), though the Franklin fund continues to trail its iShares rival in size and liquidity. FLAU has a deeper portfolio than EWA, and a larger allocation to small- and mid-cap stocks. The funds have broadly similar sector exposure, with some variations.
GSIG|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPMV|15|The Invesco S&P 500 Minimum Variance ETF tracks an index that seeks to reduce the volatility of the S&P 500 while maintaining similar characteristics to the index. Rather than using market-cap to weight the stocks within the index, SPMV weights based on its goal of minimizing forecasted volatility, while remaining within certain boundaries when it comes to the weighting of factors, sectors, and individual stocks in the portfolio. Despite these constraints, SPMV’s portfolio diverges widely from the S&P 500. The fund is reasonably priced, but the strategy is too targeted for most buy-and-hold investors.
YCS|15|This ETF is designed for investors looking to bet on a weak performance of the Japanese yen relative to the U.S. dollar or to hedge against existing yen exposure in their portfolios. YCS utilizes daily leverage, meaning that its objective involves achieving amplified returns over a single trading session, and that performance over multiple sessions may not correspond to the target multiple. Given the targeted focus and use of leverage, YCS is probably not appropriate for most investors; it should never be used in a long-term portfolio, and makes sense only for those with the willingness and ability to monitor and rebalance their portfolio regularly. For those looking to make a bet against the Japanese currency, this fund can be useful; for most investors, it shouldn’t be used at all. YCL offers a way to place a leveraged bet on the yen, betting that the Japanese currency will appreciate relative to the dollar over the short term.
ESHY|15|The Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY) tracks an index of debt issued by junk-rated issuers, but screens the securities based on environmental, social and governance factors, an investing style known by the acronym ESG. ESHY will exclude issuers that are involved in thermal coal, tobacco, weapons, or violations of the UN Global Compact principles. Each issuer is scored based on ESG criteria, then divided into five tiers. Those in the lowest tier are removed, and the remainder are weighted based on their tier, so that the portfolio tilts toward those securities with the highest ESG scores. Bonds that earn the “green” designation from the Climate Bond Initiative will be boosted up a tier. There are plenty of ESG funds, and plenty of junk debt funds, but ESHY is unique in its combination of high-yield debt with an ESG screen. Better yet, ESHY’s management fee is below average for the category.
UPW|15|This ETF offers 2x daily long leverage to the Dow Jones U.S. Utilities Index, making it a powerful tool for investors with a bullish short-term outlook for utilities equities. Investors should note that UPW’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UPW can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
PBUG|15|PendingDownload the FactSet Analyst Insight Reporthere.
VAMO|15|PendingDownload the FactSet Analyst Insight Reporthere.
UAE|15|PendingDownload the FactSet Analyst Insight Reporthere.
ERM|15|PendingDownload the FactSet Analyst Insight Reporthere.
REIT|15|PendingDownload the FactSet Analyst Insight Reporthere.
BFTR|15|PendingDownload the FactSet Analyst Insight Reporthere.
SNUG|15|PendingDownload the FactSet Analyst Insight Reporthere.
AZBA|15|PendingDownload the FactSet Analyst Insight Reporthere.
KOCG|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLRU|15|The Franklin FTSE Russia ETF (FLRU) tracks an index of large and mid-size companies in Russia. This ETF offers a deeper portfolio and more exposure to small caps than the iShares MSCI Russia ETF (ERUS). As of June 2020, FLRU’s management fee is significantly cheaper than its iShares rival, but it continues to trail in assets and liquidity. FLRU’s exposure is, not surprisingly, tilted heavily toward the energy sector.
EGIS|15|PendingDownload the FactSet Analyst Insight Reporthere.
PQDI|15|PendingDownload the FactSet Analyst Insight Reporthere.
HIBS|15|PendingDownload the FactSet Analyst Insight Reporthere.
CANE|15|This product is one of several resource-specific commodity ETPs available to investors, offering exposure to the commodity of sugar. Given this narrow focus on a single natural resource, CANE probably has little or no use to buy-and-hold investors building a long-term portfolio; this ETF is more useful for those looking to make a tactical play on this segment of the soft commodities market. Investors seeking more broad-based exposure to commodities have a number of options in the Commodities ETFdb Category (DJCI and USCI are a couple of our favorites).
BSDE|15|The Invesco BulletShares 2024 USD Emerging Markets Debt ETF  tracks an index of emerging market debt that mature in the indicated year. The fund invests in a mix of U.S. dollar-denominated sovereign and corporate securities, including investment-grade and junk. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares emerging market debt ETFs roll the proceeds of their maturing bonds into cash or cash equivalents, including short-term Treasurys and investment-grade commercial paper. Once the target date is reached, the fund distributes the capital back to investors and shuts down. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to emerging market debt can sell their maturing ETF and buy a later-dated BulletShares fund or a different emerging market debt ETF. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of emerging market debt with fixed maturities, BulletShares provide income and diversification for a competitive fee.
PAK|15|The Global X MSCI Pakistan ETF is part of the firm’s legacy line-up of country funds. While there are other country-specific ETFs out there, PAK is the only one to exclusively target Pakistani equities. The fund tracks an MSCI index of the largest and most-liquid Pakistani companies. The portfolio includes about 30 stocks of companies that are either based in Pakistan, listed on local markets or whose revenues are primarily from the country. PAK charges a relatively steep management fee for a passive fund, but investors for fast and easy exposure to Pakistan equities via a U.S.-listed fund shouldn’t be deterred by a few extra basis points in fees.
PEX|15|PendingDownload the FactSet Analyst Insight Reporthere.
DSTX|15|PendingDownload the FactSet Analyst Insight Reporthere.
TPLE|15|PendingDownload the FactSet Analyst Insight Reporthere.
IPOS|15|PendingDownload the FactSet Analyst Insight Reporthere.
PBND|15|The Invesco PureBeta US Aggregate Bond ETF tracks an index of U.S. investment-grade debt, including corporates, Treasurys, mortgage-backed securities and asset-backed debt. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. While fund fees are competitive, the fund hasn’t attracted the assets and daily liquidity of competing ETFs.
FTXD|15|PendingDownload the FactSet Analyst Insight Reporthere.
IEDI|15|PendingDownload the FactSet Analyst Insight Reporthere.
TYD|15|This ETF offers 3x long leveraged exposure to the broad-based NYSE Current 7-10 Year U.S. Treasury Bond Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. 7-10 year treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TYD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio.
KALL|15|PendingDownload the FactSet Analyst Insight Reporthere.
CRAK|15|PendingDownload the FactSet Analyst Insight Reporthere.
RAAX|15|PendingDownload the FactSet Analyst Insight Reporthere.
RFEU|15|PendingDownload the FactSet Analyst Insight Reporthere.
SSLY|15|PendingDownload the FactSet Analyst Insight Reporthere.
BBP|15|PendingDownload the FactSet Analyst Insight Reporthere.
SUBZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
COW|15|This ETN offers an opportunity for investors to gain exposure to hogs and cattle, making it an effective tool for gaining targeted exposure to commodities that often perform well when inflationary pressures kick in. Those seeking more broad-based agricultural exposure may prefer products such as AGF or DBA, while UBC offers generally similar exposure to livestock. Given the narrow focus of this security, COW probably has little use in long-term, buy-and-hold portfolios; it can, however, be a very useful tool for expressing a shorter-term view on a specific corner of the commodity market. There are several noteworthy elements of COW; investors should be aware that COW is a debt instrument, exposing investors to the credit risk of the issuing institution. Moreover, this note is linked to a futures-based index, meaning that the slope of the futures curve often impacts returns and that COW won’t necessarily offer exposure to spot prices. Finally, the ETN structure can have an impact on the tax consequences, which may be unique from comparable ETNs.
EMXF|15|PendingDownload the FactSet Analyst Insight Reporthere.
RNMC|15|PendingDownload the FactSet Analyst Insight Reporthere.
TUSA|15|PendingDownload the FactSet Analyst Insight Reporthere.
EGPT|15|This ETF is the only pure play fund offering exposure to the Egyptian economy, a Middle Eastern market that has tremendous return potential but that can also be quite volatile. Investors looking to expand emerging markets exposure beyond the BRIC and a handful of quasi-developed countries may find EGPT to be a valuable addition, even with a relatively hefty expense ratio. EGPT is a good option for exposure to Egyptian stocks, but the sector biases towards financials is certainly worth taking into account.
EMFM|15|PendingDownload the FactSet Analyst Insight Reporthere.
QDYN|15|The FlexShares Quality Dividend Dynamic Index Fund (QDYN) is part of Northern Trust’s stable of proprietary twists on factor investing. The fund follows a Northern Trust index that selects dividend-paying large-cap U.S. equities. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and styles. Lastly, the fund tries to deliver “above market beta” — jargon used to describe how volatile the performance is relative to the market. It’s another way of saying QDYN tries to exceed market volatility.
ROKT|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHMS|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHME|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBTF|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSMB|15|The Invesco Balanced Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide current income while maximizing diversification. Depending on market conditions, the fund will invest 45 percent to 75 percent of its portfolio in equity ETFs, 25 percent to 55 percent in fixed income ETFs, and 10 percent to 30 percent in American and global depositary receipts. PSMB achieves its asset mix by investing largely in a mix of other Invesco ETFs. It’s important to note, investors are not double-charged for fund fees. Rather, PSMB charges an ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMB investors pay acquired fund fees for PSMB’s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMB’s costs are competitive compared with other actively-managed funds (and significantly lower a few high-cost providers of complicated index strategies.) For an all-in-one asset allocation strategy, the fees are quite reasonable. The fund is one of four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. The issue with PSMB is identifying who it’s for. Invesco’s other asset allocation funds come with descriptive labels like “conservative,” “moderately conservative,” or “growth,” which helps investors get a sense of the risk targets. Given PSMB’s vague label “balanced” and the wide range of its possible stock and bond mix, it’s difficult to determine whether this fund is for risk takers or those looking for a safer strategy. ETFdb compared PSMB against Invesco’s other asset allocation strategies and its target risk is the second-most aggressive of the lineup. It falls somewhere in the moderate to aggressive range, depending on the manager’s outlook. For buy-and-hold investors that want a single-ticker solution combined with the tax efficiencies and low costs of ETFs, asset allocation strategies like PSMB are worth a look.
TMDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
HYUP|15|The Xtrackers High Beta High Yield Bond ETF (HYUP) tracks an index of “junk” bonds — debt issued by borrowers with a higher risk of default — that exhibit lower market beta — jargon used to describe how volatile performance is relative to the market. It’s another way of saying HYUP takes on more risk than the overall high-yield debt market. Investors should expect a bumpier ride than the Xtrackers USD High Yield Corporate Bond ETF (HYLB), which offers broad exposure to the high-yield debt category.
DBOC|15|PendingDownload the FactSet Analyst Insight Reporthere.
XPP|15|This ETF offers 2x daily long leverage to the FTSE/Xinhua China 25 Index, making it a powerful tool for investors with a bullish short-term outlook for Chinese equities. Investors should note that XPP’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. XPP can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
RAFE|15|PendingDownload the FactSet Analyst Insight Reporthere.
SOGU|15|PendingDownload the FactSet Analyst Insight Reporthere.
FDEM|15|The Fidelity Targeted Emerging Markets Factor ETF (FDEM) tracks a proprietary index of emerging markets stocks that have attractive valuations, high quality profiles, positive momentum, and lower volatility than the broader market. With about 200 stocks, FDEM has a shallower portfolio when compared with some competing factor funds, making it less appealing as a standalone core emerging market holding.
UJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
YLDE|15|PendingDownload the FactSet Analyst Insight Reporthere.
WINC|15|PendingDownload the FactSet Analyst Insight Reporthere.
DUG|15|This ETF offers 2x daily short leverage to the broad-based Dow Jones U.S. Oil & Gas Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. energy large cap stocks. Investors should note that DUG’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DUG can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
MCEF|15|PendingDownload the FactSet Analyst Insight Reporthere.
BTEK|15|PendingDownload the FactSet Analyst Insight Reporthere.
XSHD|15|The Invesco S&P SmallCap High Dividend Low Volatility ETF tracks an index of 60 dividend-paying U.S. small-caps which are less susceptible to market swings. The index methodology starts with 600 U.S. small-cap stocks, and selects the 90 that have the highest dividend yields in the past year. No one sector can contribute more than 10 stocks. From those 90, the index selects the 60 with the lowest volatility in the past 12 months. The companies with they shiest dividend yields receive the largest weights within the portfolio. While fees are reasonable, XSHD is more expensive than rival small-cap ETFs, and the portfolio is too narrow for most buy-and-hold investors. Invesco offers similar strategies in large-cap U.S. equities. While the sister fund has attracted substantial assets, XSHD has struggled to boost inflows and liquidity. There are cheaper small-cap ETFs out there that offer deeper liquidity and better diversification.
ECLN|15|PendingDownload the FactSet Analyst Insight Reporthere.
EAOA|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHCS|15|PendingDownload the FactSet Analyst Insight Reporthere.
EASG|15|The Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) tracks an MSCI index of developed market stocks outside North America, selecting those securities that score the highest relative to their peers on environmental, social and governance factors, known by the acronym ESG. EASG includes companies that score in the top 50% of scores in each sector — and so will own about half as many companies as the parent index — then weights those stocks to keep the sector allocation in line with the parent index. The fund excludes companies involved in alcohol, tobacco, gambling, controversial and conventional weapons, nuclear power, and civilian firearms. EASG’s management fee is a bit cheaper than rival iShares ESG MSCI EAFE ETF (ESGD), but ESGD had a head start and has significantly greater assets and daily liquidity. The iShares ESGD follows a less stringent MSCI ESG index for the region and so has more stocks in its portfolio than Xtrackers EASG.The idea is that companies with higher ESG scores will outperform their rivals over the long run.
IBHF|15|PendingDownload the FactSet Analyst Insight Reporthere.
GSEU|15|The Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) offers broad exposure to European stocks with Goldman’s multi-factor twist. GSEU tracks a proprietary index that takes a multi-factor approach, looking for stocks that exhibit good value, strong momentum, high quality, and low volatility. Top holdings include Nestle, Roche and Novartis. GSEU is reasonably priced for a smart-beta approach to European markets. Investors might compare GSEU to other multi-factor funds that invest in European stocks, such as the JPMorgan Diversified Return Europe Equity ETF (JPEU) or the First Trust Europe AlphaDEX Fund (FEP).
DBEH|15|PendingDownload the FactSet Analyst Insight Reporthere.
KDFI|15|The Analyst Report for KDFI is not available.
NFLT|15|PendingDownload the FactSet Analyst Insight Reporthere.
IAPR|15|PendingDownload the FactSet Analyst Insight Reporthere.
PYPE|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPRE|15|PendingDownload the FactSet Analyst Insight Reporthere.
JMIN|15|The JPMorgan U.S. Minimum Volatility ETF (JMIN) tracks a proprietary index of large- and mid-cap U.S. stocks with that are less susceptible to market swings. Sectors are weighted based on their historic volatility in the prior three years and correlation of returns among sectors. To ensure diversification, sector weights are rebalanced into a range of 5% to 20% of the portfolio. The fund owns more than 200 securities. As with many single-factor funds, JMIN may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay a low volatility tilt on top of a core allocation to U.S. markets.
GOAT|15|The Analyst Report for GOAT is not available.
UST|15|This ETF offers 2x long leveraged exposure to the broad-based Barclays Capital U.S. 7-10 Year Treasury Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. UST can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio.
DBS|15|This product gives investors exposure to silver through futures-contracts. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. Silver is one of the most popular precious metals, as it is much cheaper and more abundant than gold, and therefore easier to invest in. DBS may be a good choice for investors seeking futures-based exposure to silver but who wish to avoid the hassle of trading on a futures account.
SBND|15|This ETF offers 3x short leveraged exposure to the broad-based Deutsche Bank Long U.S. Treasury Bond Futures Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. SBND can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio.
BLDG|15|PendingDownload the FactSet Analyst Insight Reporthere.
VEGA|15|This ETF is actively managed, and offers investors a way to gain access to the popular buy-write strategy. The buy-write strategy this ETF implements essentially involves the combination of long positions in various asset classes with short positions in call options on those asset classes. The result is limited upside — gains will be capped in bull markets due to the writing of the options — along with a reduction in the loss potential. As such, this technique can be used to lower overall volatility and limit downside risk while potentially boosting returns and providing a stream of income to the portfolio. For investors looking so smooth volatility, VEGA could potentially be useful.
JJG|15|This ETN gives investors futures-based exposure to the price of corn, wheat, soybeans, and soybean-oil, a specific basket of commodities that often receive minimal weightings in broad-based agricultural or commodity products. As such, JJG can be a useful tool for achieving a very specific type of exposure, and may perform well in environments where food prices face upward pressure. This product is probably way too targeted for those building a long-term, buy-and-hold portfolio; JJG is most useful as a means of establishing a shorter-term tactical tilt towards a specific corner of the commodity market. There are a couple noteworthy attributes of this JJG: as an ETN, this product is a debt instrument that exposes investors to credit risk of the issuing institution but generally avoids tracking error. Moreover, the ETN structure may result in unique tax consequences. Additionally, it should be noted that the underlying index consists of futures contracts, meaning that JJG won’t necessarily track the performance of spot grains prices. The slope of the futures curve can have a potentially big impact on returns, depending on the environment and market prices. GRU also offers exposure to grains commodities, but this iPath is a better choice; investors will enjoy superior liquidity and transparency, both of which are sorely lacking from the competing ETN. Those looking for more broadly-based exposure may prefer agriculture ETFs such as DBA (or AGF, an ETN) or the broad commodity ETPs such as DBC or DJCI.
XBAP|15|PendingDownload the FactSet Analyst Insight Reporthere.
RNDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
CID|15|PendingDownload the FactSet Analyst Insight Reporthere.
FXP|15|This ETF offers 2x daily short leverage to the FTSE/Xinhua China 25 Index, making it a powerful tool for investors with a bearish short-term outlook for this index. Investors should note that FXP’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. FXP can be a powerful tool for sophisticated investors who are bearish on the financial industry, but should be avoided by those with a low risk tolerance.
JHMA|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSMG|15|The Invesco Growth Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide long-term capital appreciation. Depending on market conditions, the fund will invest 65 percent to 95 percent of its portfolio in equity ETFs, 5 percent to 35 percent in fixed income ETFs, and 10 percent to 15 percent in American and global depositary receipts. PSMG achieves its asset mix by investing largely in a mix of other Invesco ETFs. It’s important to note, investors are not double-charged for fund fees. Rather, PSMG charges an ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMG investors pay acquired fund fees for PSMG’s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMG’s costs are competitive compared with other actively-managed funds (and significantly lower a few high-cost providers of complicated index strategies.) For an all-in-one asset allocation strategy, the fees are quite reasonable. The fund is the most aggressive of the four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. For buy-and-hold investors that want a single-ticker solution combined with the tax efficiencies and low costs of ETFs, asset allocation strategies like PSMG are worth a look.
TPHE|15|PendingDownload the FactSet Analyst Insight Reporthere.
ISZE|15|PendingDownload the FactSet Analyst Insight Reporthere.
BAL|15|This exchange-traded note is the only pure play option out there for investors looking to gain exposure to cotton prices. As such, BAL doesn’t make much sense for those with a long-term focus but can be a nice tool for investors looking to be on short term movements in cotton prices. A couple items to note: BAL is an ETN, meaning that investors are exposed to the credit risk of the issuing institution. Also, BAL won’t provide exposure to spot prices, but rather to the performance of a future-based index. Investors seeking broad commodity exposure would be better off with DBC or USCI, but for those seeking pure play cotton exposure BAL is the only game in town.
QED|15|PendingDownload the FactSet Analyst Insight Reporthere.
PFFL|15|PendingDownload the FactSet Analyst Insight Reporthere.
KWT|15|The cleverly-named KWT delivers targeted exposure to the solar power energy, and as such can be exhibit significant volatility in the short-term. Like many granular ETFs focusing on specific sub-sectors, KWT doesn’t offer tremendous diversification; there are only about 30 individual components, including both U.S. and international stocks. Investors seeking broad-based exposure to clean energy may want to take a look at ICLN or GEX, while TAN offers another option for targeted solar power exposure. Most investors won’t have much interest in the hyper-targeted KWT, but for those seeing to overweight the solar power space it can be an efficient way to do so.
IDHD|15|The Invesco S&P International Developed High Dividend Low Volatility ETF tracks an index of 100 dividend-paying developed market stocks that are less susceptible to market swings. The index methodology starts with a universe of 300 developed market securities, excluding the U.S. and South Korea, that have the highest dividend yields in the past year. No one country can contribute more than 20 stocks, and no one industry can exceed 25 stocks. From those 300, the index selects the 100 with the lowest volatility in the past 12 months. No one sector can be more than 25% of the portfolio. The fund’s portfolio is too narrow for most buy-and-hold investors. While fees are reasonable, it is more expensive than other developed market ETFs. Invesco offers similar strategies in large-cap U.S. equities. While the sister fund has attracted substantial assets, IDHD has struggled to boost inflows and liquidity. The fund fees are reasonable for a specialized strategy in developed markets, but there are cheaper developed market ETFs out there that offer deeper liquidity and better diversification.
IBTI|15|PendingDownload the FactSet Analyst Insight Reporthere.
QRFT|15|PendingDownload the FactSet Analyst Insight Reporthere.
FPRO|15|PendingDownload the FactSet Analyst Insight Reporthere.
GDXD|15|PendingDownload the FactSet Analyst Insight Reporthere.
JJT|15|This exchange-traded note offers pure play exposure to tin, a metal that is widely used in a number of industrial applications and tends to increase in value during periods of global economic strength. As such, JJT doesn’t make much sense for investors focused on the long term but might be useful for those looking to bet on short term price fluctuations. Investors seeking broader exposure to industrial metals might look into a product such as JJM that includes tin along with other metals, but those looking for pure play tin exposure will find JJT to be a good option. It should be noted that this ETN won’t offer exposure to spot prices of tin, but rather the performance of an index that consists of tin futures.
IEME|15|PendingDownload the FactSet Analyst Insight Reporthere.
AUGZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
QCON|15|PendingDownload the FactSet Analyst Insight Reporthere.
BNOV|15|PendingDownload the FactSet Analyst Insight Reporthere.
YJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
HYDR|15|PendingDownload the FactSet Analyst Insight Reporthere.
JPN|15|The Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) tracks an index of 400 companies screened for return on equity, operating profit, and market capitalization in an effort to identify high-quality Japanese companies.
DRV|15|This ETF offers -3x daily leverage to an index comprised of U.S. REITs, giving sophisticated investors a powerful tool for expressing a bearish short-term view of the U.S. real estate sector. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make DRV inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool for hedging real estate exposure or simply for speculating on a decline in the value of this asset class over a short period of time. But DRV shouldn’t ever be found in a long-term, buy-and-hold portfolio; it’s simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. DRV is a trading instrument, and should be treated as such.
BSMS|15|The Invesco BulletShares 2028 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
PLAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
OPPX|15|PendingDownload the FactSet Analyst Insight Reporthere.
QLS|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSMM|15|The Invesco Moderately Conservative Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide current income while giving investors some exposure to the potential upside of the stock market. Depending on market conditions, the fund will invest 45 percent to 75 percent of its portfolio in fixed income ETFs, 25 percent to 55 percent in equity ETFs, and 5 percent to 30 percent in American and global depositary receipts. PSMM achieves its asset mix by investing largely in a mix of other Invesco ETFs. It’s important to note, investors are not double-charged for fund fees. Rather, PSMM charges an ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMM investors pay acquired fund fees for PSMM’s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMM’s costs are reasonable compared with other actively-managed funds (and significantly lower a few high-cost providers of complicated index strategies.) For an all-in-one asset allocation strategy, the fees are quite competitive. The fund is one of four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. For buy-and-hold investors that want a single-ticker solution combined with the tax efficiencies and low costs of ETFs, asset allocation strategies like PSMM are worth a look.
BSMR|15|The Invesco BulletShares 2027 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
XJR|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPXZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
SQLV|15|PendingDownload the FactSet Analyst Insight Reporthere.
QMN|15|PendingDownload the FactSet Analyst Insight Reporthere.
FDEV|15|The Fidelity Targeted International Factor ETF (FDEV) tracks a proprietary index of large- and mid-cap developed-market stocks outside the U.S. that have attractive valuations, high quality profiles, positive momentum, and lower volatility than the broader market. With about 200 stocks, FDEV has a shallower portfolio compared to some competing factor funds, making it less appealing as a standalone core international equity holding. FDEV invests in Canada but excludes South Korea, and investors who mix-and-match funds from different issuers should be careful not to unintentionally overweight Korea or miss on the economy entirely.
QTAP|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLQS|15|Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) tracks an index of small cap U.S. stocks based on quality, value, momentum, and low volatility. The index tilts more heavily toward quality and value, with a lesser emphasis on momentum and low-vol.
RNSC|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHIH|15|PendingDownload the FactSet Analyst Insight Reporthere.
FEUL|15|The Analyst Report for FEUL is not available.
IBTJ|15|PendingDownload the FactSet Analyst Insight Reporthere.
JHMU|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSMJ|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHIS|15|PendingDownload the FactSet Analyst Insight Reporthere.
XPND|15|PendingDownload the FactSet Analyst Insight Reporthere.
CEY|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLQH|15|The Franklin LibertyQ International Equity Hedged ETF (FLQH) tracks an index of developed market stocks outside of North America based on quality, value, momentum, and low volatility. The index tilts more heavily toward quality and value, with a lesser emphasis on momentum and low-vol. It is distinct from other smart-beta international ETFs in that it hedges out the currency exposure that an investment in international stocks brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments.
FLEH|15|The Franklin FTSE Europe Hedged ETF (FLEH) tracks an index of large and mid-size stocks in Europe while hedging out the currency exposure that an investment in international equities brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments. FLEH delivers hedged exposure at an extremely reasonable price, but it trails competitors like the Xtrackers MSCI Europe Hedged Equity Fund (DBEU) in assets and liquidity.
FTXH|15|PendingDownload the FactSet Analyst Insight Reporthere.
MEXX|15|PendingDownload the FactSet Analyst Insight Reporthere.
MJO|15|The Analyst Report for MJO is not available.
KONG|15|PendingDownload the FactSet Analyst Insight Reporthere.
UNL|15|This fund offers exposure to one of the America’s most important commodities, natural gas, and potentially has appeal as an inflation hedge. Unlike many commodity products UNL diversifies across multiple maturities, potentially mitigating the adverse impact of contango.
QMAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
BZQ|15|This ETF offers 2x daily short leverage to the broad-based MSCI Brazil Index, making it a powerful tool for investors with a bearish short-term outlook for Brazil large cap stocks. Investors should note that BZQ’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. BZQ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
JHMI|15|PendingDownload the FactSet Analyst Insight Reporthere.
SYUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
TSOC|15|PendingDownload the FactSet Analyst Insight Reporthere.
IDMO|15|The Invesco S&P International Developed Momentum ETF tracks an index of large- and mid-cap developed market stocks that have had better recent price performance compared with peers. The fund excludes the U.S. and South Korea. The methodology measures the percentage change in stock prices over the past year, excluding the most recent month, and then adjusts for volatility. The top 20% are included in the index. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. Fund fees are reasonable though there are lower-cost options in developed markets. Investors should note that IDMO invests in a significantly narrower universe of developed market stocks, making the strategy too targeted for most buy-and-hold investors. However, IDMO could be a good choice for tactical traders looking to overweight momentum in developed markets. Prior to March 18, 2016, EEMO tracks a different developed markets index.
EFZ|15|This ETF offers inverse exposure to an index comprised of securities from European Australasian, and Far Eastern markets, making it a potentially attractive option for investors looking to bet against this sector of the global economy. It’s important to note that EFZ is designed to deliver inverse results over a single trading session, with exposure resetting on a daily basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. EFZ should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in EAFE equities. Investors also have the option of simply selling short a traditional EAFE fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
IBTG|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWCR|15|PendingDownload the FactSet Analyst Insight Reporthere.
ADFI|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMIF|15|This ETF offers exposure to the infrastructure sector in developing economies, giving investors an option for playing a market that should thrive if these economies continue to urbanize and demand additional spending on roads and utilities. PXR also offers exposure to this investment thesis, while funds like INXX and CHXX offer more targeted emerging market infrastructure exposure. EMIF can be an effective tool for accessing a corner of the market that has tremendous appeal over the long term but that is likely to exhibit significant short term volatility.
LCR|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLQG|15|PendingDownload the FactSet Analyst Insight Reporthere.
HEWC|15|PendingDownload the FactSet Analyst Insight Reporthere.
VABS|15|PendingDownload the FactSet Analyst Insight Reporthere.
CEW|15|This active fund targets a group of currencies from emerging market nations across Latin America, Asia, emerging Europe and the Middle East/Africa Region. The fund’s contracts have an ultra-low duration but many of the currencies are still extremely volatile. Nevertheless, CEW makes for a quality option for investors seeking broad exposure to foreign emerging currencies across the globe.
NTSI|15|PendingDownload the FactSet Analyst Insight Reporthere.
LYFE|15|PendingDownload the FactSet Analyst Insight Reporthere.
QLVE|15|FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) is part of Northern Trust’s stable of factor ETFs. QLVE tracks a proprietary index of emerging markets companies which aims for a portfolio bias toward quality and reduced volatility. The index methodology first assesses financial strength and stability based on quality metrics like profitability, management efficiency and cash flow. The lowest-scoring companies are excluded. Top holdings include Alibaba, Tencent and Samsung.
GK|15|PendingDownload the FactSet Analyst Insight Reporthere.
CRUZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPUC|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLHK|15|The Franklin FTSE Hong Kong ETF (FLHK) tracks an index of large and mid-size companies in Hong Kong. FLHK invests in fewer than 100 stocks, with a larger emphasis on mid caps than some of its competitors. As of June 2020, FLCH’s management fee is a fraction of the price of the iShares MSCI Hong Kong ETF (EWH), though the Franklin fund continues to trail in size and liquidity.
ATFV|15|PendingDownload the FactSet Analyst Insight Reporthere.
DBEZ|15|While the Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) offers broad exposure to stocks listed in the 19 European countries that are part of the Eurozone, its currency hedge makes it distinct among Europe-focused index. This fund delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments
RWGV|15|PendingDownload the FactSet Analyst Insight Reporthere.
XDQQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSMT|15|The Invesco BulletShares 2029 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
BOSS|15|PendingDownload the FactSet Analyst Insight Reporthere.
MOTO|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSJS|15|The Invesco BulletShares 2028 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from high-yield exposure can sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income and diversification for a competitive fee, though large investors may want to be conscious that the liquidity constraints of the underlying market may lead to wider spreads. Investors should also compare performance and liquidity against some of the popular active and passive junk-debt ETFs on the market.
LBJ|15|The Analyst Report for LBJ is not available.
GSJY|15|The Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) offers broad exposure to Japanese stocks with Goldman’s multi-factor twist. GSJY tracks a proprietary index that takes a multi-factor approach, looking for stocks that exhibit good value, strong momentum, high quality, and low volatility. Top holdings include Toyota, Sony, and Keyence. GSJY is quite reasonably priced for a smart-beta approach to Japanese markets, especially when compared to pricier plain-vanilla options like the iShares MSCI Japan ETF. Investors might compare GSJY to other multi-factor funds that invest in Japanese stocks, such as the JPMorgan Diversified Return Japan Equity ETF (BBJP), the Global X Scientific Beta Japan ETF (SCIJ) or the First Trust Japan AlphaDEX Fund (FJP).
HDLB|15|PendingDownload the FactSet Analyst Insight Reporthere.
GAZ|15|This ETN is one of the options available to investors looking to establish exposure to natural gas prices through futures contracts. As such, this product isn’t very useful for those building a long-term, buy-and-hold portfolio; its appeal will be to those looking to express an outlook on movements in natural gas prices over the short term. There are several noteworthy elements of this product. First, GAZ is an ETN, meaning that investors are exposed to the credit risk of the issuer. Second, this ETN won’t generally correspond to changes in spot natural gas prices, as the underlying index is comprised of futures contracts (in many cases, the difference over extended periods of time can be significant). GAZ is really only appropriate for those with a short holding period; investors seeking longer-term exposure to natural gas may want to consider NAGS or UNL. Finally, this ETN has often traded at a significant premium to NAV historically as a result of limitations on the number of shares outstanding; before establishing a position, take careful note of the relationship of price to NAV.
HSMV|15|PendingDownload the FactSet Analyst Insight Reporthere.
ASHX|15|The Xtrackers MSCI China A Inclusion Equity ETF (ASHX) follows an index that offers exposure to stocks listed in mainland Chinese markets in Shenzhen and Shanghai, known as A-shares, that are being added to MSCI’s popular global indexes. In 2018, index giant MSCI began phasing in the addition of A-shares to its emerging markets indexes, prompting money managers who gauge performance against the MSCI benchmark to follow suit. MSCI plans to ratchet up A-shares inclusion over time, which could unleash billions of dollars of new investment into the A-shares market, potentially driving up demand and share prices. ASHX is a good tool for tactical traders who want to play that index arbitrage. It has a lower management fee than the comparable iShares MSCI China A ETF (CNYA) but lags in raising assets.
ISVL|15|PendingDownload the FactSet Analyst Insight Reporthere.
UGE|15|This ETF offers 2x daily long leverage to the Dow Jones U.S. Consumer Goods Index, making it a powerful tool for investors with a bullish short-term outlook for consumer service equities. Investors should note that UGE’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UGE can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
IECS|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLYT|15|The Analyst Report for FLYT is not available.
BOUT|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHNA|15|PendingDownload the FactSet Analyst Insight Reporthere.
SBUG|15|PendingDownload the FactSet Analyst Insight Reporthere.
KBND|15|PendingDownload the FactSet Analyst Insight Reporthere.
EFAS|15|PendingDownload the FactSet Analyst Insight Reporthere.
TPAY|15|PendingDownload the FactSet Analyst Insight Reporthere.
DBJA|15|PendingDownload the FactSet Analyst Insight Reporthere.
JJM|15|This ETN offers exposure to a basket of base metals, including copper, zinc, and aluminum. As such, this ETN can be a tactical tool for investors with a bullish outlook on this corner of the commodities market; those seeking more broad-based exposure to natural resources would be better served by a fund such as DBC or DJP that includes precious metals, agriculture, and others. Those seeking more granular exposure have metal-specific ETPs available to them, such as JJC. The structure of JJM is worth noting; as an ETN that tracks a basket of futures contracts, this fund will avoid tracking error issues but does expose investors to the credit risk of the underlying issue. For investors looking for broad exposure to the base metal group, JJM represents a decent choice, especially for those who do not like to achieve their commodity exposure via the equities market.
PSMC|15|The Invesco Conservative Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide current income while maximizing diversification. Depending on market conditions, the fund will invest 65 percent to 95 percent of its portfolio in fixed income ETFs, 5 percent to 35 percent in equity ETFs, and 3 percent to 20 percent in American and global depositary receipts. PSMC achieves its asset mix by investing largely in a mix of other Invesco ETFs. It’s important to note, investors are not double-charged for fund fees. Rather, PSMC charges an ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMC investors pay acquired fund fees for PSMC’s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMC’s costs are competitive compared with other actively-managed funds (and significantly lower a few high-cost providers of complicated index strategies.) For an all-in-one asset allocation strategy, the fees are quite reasonable The fund is the most conservative of the four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. For buy-and-hold investors that want a single-ticker solution combined with the tax efficiencies and low costs of ETFs, asset allocation strategies like PSMC are worth a look.
OVLH|15|PendingDownload the FactSet Analyst Insight Reporthere.
CUBS|15|PendingDownload the FactSet Analyst Insight Reporthere.
MAGA|15|PendingDownload the FactSet Analyst Insight Reporthere.
IMLP|15|PendingDownload the FactSet Analyst Insight Reporthere.
HEWU|15|PendingDownload the FactSet Analyst Insight Reporthere.
XDSQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
EFO|15|This ETF offers 2x daily long leverage to the broad-based MSCI EAFE Index, making it a powerful tool for investors with a bullish short-term outlook for European, Australasian, and Far Eastern markets. Investors should note that EFO’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EFO can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
SRS|15|This ETF offers -2x daily leverage to an index comprised of U.S. REITs, giving sophisticated investors a tool for expressing a bearish short-term view of the U.S. real estate sector. It should be noted that the daily reset feature makes SRS inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a useful tool for hedging real estate exposure or simply for speculating on a decline in the value of this asset class over a short period of time. But SRS shouldn’t ever be found in a long-term, buy-and-hold portfolio; it’s simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. Investors looking for 1x inverse real estate exposure may want to look at REK, while URE is an option for making a long leveraged bet on this asset class. Investors seeking 3x daily real estate exposure have both bull (DRN) and bear (DRV) options in ETF form.
BOB|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLGR|15|he Franklin FTSE Germany ETF (FLGR) tracks an index of large and mid-size companies in Germany. FLGR offers broadly similar exposure to the iShares MSCI Germany ETF (EWG), with a slightly deeper portfolio and more exposure to mid cap stocks. FLGR’s management fee is a fraction of the price of EWG, but it trails its iShares rival in assets and liquidity.
FFND|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHIC|15|PendingDownload the FactSet Analyst Insight Reporthere.
FIEE|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLRG|15|PendingDownload the FactSet Analyst Insight Reporthere.
AZAA|15|PendingDownload the FactSet Analyst Insight Reporthere.
DBGR|15|The Xtrackers MSCI Germany Hedged Equity ETF (DBGR) offers exposure to German stocks, making DBGR one of several ETFs for establishing targeted exposure to one of the Europe’s largest economies. This product is unique from many ETFs in the German Equities ETFdb Category in that DBGR hedges out the currency exposure that an investment in international equities brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments.
XBUY|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLJH|15|The Franklin FTSE Japan Hedged ETF (FLJH) tracks an index of large and mid-size companies in Japan. It is distinct from other Japanese equity ETFs in that it hedges out the currency exposure that an investment in international stocks brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments.
GNAF|15|The Analyst Report for GNAF is not available.
VCLO|15|PendingDownload the FactSet Analyst Insight Reporthere.
TENG|15|PendingDownload the FactSet Analyst Insight Reporthere.
IQM|15|The Franklin Intelligent Machines ETF (IQM) is an actively managed fund that seeks to profit from companies that will profit from advances in machine learning, such as robotics, driverless vehicles, and data analysis. It is one of three actively managed thematic funds launched by Franklin Templeton in February 2020.
INFR|15|PendingDownload the FactSet Analyst Insight Reporthere.
EUDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
RIGZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
CLDS|15|PendingDownload the FactSet Analyst Insight Reporthere.
JJU|15|This fund offers exposure to one of the world’s most important industrial metals, aluminum, potentially giving JJU appeal as an inflation hedge. However, investors should be wary of investing via the futures-based strategy as it is susceptible to contango, a phenomenon that can eat into returns. For investors seeking exposure to aluminum beyond physical exposure or through a mining firm, JJU is the only pure play choice available.
HYIN|15|PendingDownload the FactSet Analyst Insight Reporthere.
SKF|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Financials Index, making it a powerful tool for investors with a bearish short-term outlook for financials equities. Investors should note that SKF’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SKF can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
JJA|15|This ETN is designed to give investors exposure to agricultural commodities through a futures-based index strategy, making it a potentially useful tool for those who believe that food prices will rise or seeking general protection from inflationary pressures. JJA’s primary appeal is likely to be to those looking to implement a relatively short-term tactical play, though it may be useful as part of a longer-term portfolio as well thanks to the potential diversification benefits. There are several items that should be noted; first, JJA is linked to an index that is comprised of futures contracts, and as such may not always reflect movements in spot commodity prices. Second, as an ETN this product avoids the tracking error that can plague funds such as DBA, but does expose investors to the credit risk of the issuing institution. Moreover, the ETN structure may result in unique tax consequences for certain investors. Those seeking more broad-based commodity exposure have a number of options in the Commodities ETFdb Category, while those seeking more precise exposure also have a number of single commodity ETPs at their disposal.
CRPT|15|PendingDownload the FactSet Analyst Insight Reporthere.
KNGS|15|PendingDownload the FactSet Analyst Insight Reporthere.
SDEI|15|PendingDownload the FactSet Analyst Insight Reporthere.
FDTS|15|This ETF utilizes the AlphaDEX strategy to invest in ex-U.S. small caps. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings.
PGAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
AIIQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
PBEE|15|The Invesco PureBeta FTSE Emerging Markets ETF tracks an index of large- and mid-cap companies in emerging markets. It’s important to note that the fund relies on a FTSE index that classifies South Korea as a developed market, excluding it from emerging markets. While rival emerging markets ETFs own South Korean equities, PBEE does not. Investors who mix and match funds from different providers should make sure they’re not unintentionally overweighting or underweighting South Korea. PBEE also excludes small-caps. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. While fund fees are reasonable, the fund hasn’t attracted the assets and daily liquidity of competing ETFs.
EKAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
BOAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
OVM|15|PendingDownload the FactSet Analyst Insight Reporthere.
JRE|15|PendingDownload the FactSet Analyst Insight Reporthere.
BGLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
FPXE|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLMX|15|The Franklin FTSE Mexico ETF (FLMX) tracks an index of large and mid-size companies in Mexico. This ETF offers a shallower portfolio but with more exposure to small caps than the iShares MSCI Mexico ETF (EWW). As of June 2020, FLMX’s management fee is significantly cheaper than its iShares rival, but it continues to trail in assets and liquidity.
KFYP|15|PendingDownload the FactSet Analyst Insight Reporthere.
OBOR|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLM|15|This ETF offers an opportunity for investors to play the global building and construction industry; most other funds in this space focus only on U.S. companies. Though the U.S. is the largest individual country allocation, international equities account for the majority of assets. FLM is structured in a manner that prevents a single company or a handful of stocks from dominating the portfolio. FLM is the best ETF option for exposure to the global construction industry, though there are cheaper options for investors seeking U.S.-only exposure.
REVS|15|PendingDownload the FactSet Analyst Insight Reporthere.
MIDE|15|PendingDownload the FactSet Analyst Insight Reporthere.
UNOV|15|PendingDownload the FactSet Analyst Insight Reporthere.
KESG|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMSH|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLFR|15|The Franklin FTSE France ETF (FLFR) tracks an index of large and mid-size companies in France. FLFR’s management fee is a fraction of the price of the iShares MSCI France ETF (EWQ), and the two funds offer broadly similar exposure in terms of company size and sector. However, FLFR continues to trail EWQ in assets and liquidity.
SMLE|15|PendingDownload the FactSet Analyst Insight Reporthere.
LOPP|15|PendingDownload the FactSet Analyst Insight Reporthere.
EQOP|15|PendingDownload the FactSet Analyst Insight Reporthere.
MRSK|15|PendingDownload the FactSet Analyst Insight Reporthere.
XBJL|15|PendingDownload the FactSet Analyst Insight Reporthere.
FICS|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSY|15|PendingDownload the FactSet Analyst Insight Reporthere.
FCA|15|This ETF offers exposure to the Chinese stock market, making it one of many options available to investors looking to access one of the most important global economies that accounts for an increasingly large portion of global GDP growth. As such, FCA can be a useful tool for overweighting China within a long-term portfolio, or as a means of establishing a shorter-term tactical tilt designed to capitalize off of temporary mispricings. There are a number of products in the China Equities ETFdb Category that offer pure play exposure to Chinese stock markets; FCA is unique because of the methodology employed by the index that it seeks to replicate. This ETF is part of the AlphaDEX suite of ETFs from First Trust; it is linked to an index that utilizes rules-based quantitative screening techniques to select stocks deemed to have the greatest potential for capital appreciation (and therefore capable of generating excess returns relative to broader benchmarks). For the opportunity to generate alpha offered by this technique, investors can expect to pay a bit more; FCA is a bit more expensive than most of the ETFs in the China Equities ETFdb Category, though its expense ratio is generally comparable to some of the offerings. For those who believe that the AlphaDEX methodology is capable of outperforming cap-weighted benchmarks over the long run, this ETF might make sense as the best way to add China exposure to a portfolio. Those looking to keep fees down and simply own the broader market have several options available to them, including GXC.
SMDY|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWPP|15|PendingDownload the FactSet Analyst Insight Reporthere.
USLB|15|The Invesco Russell 1000 Low Beta Equal Weight ETF tracks an index that targets large U.S. stocks that are less susceptible to moving in tandem with the market. The methodology scores each company based on its correlation to overall market movements in the past 18 months. Those that exhibit below-average correlation — i.e., lower beta — are eligible for inclusion. The holdings are then equally weighted. The strategy means that USLB invests in a narrower universe of equities than a traditional Russell 1000 index fund. The industry and sector composition of the portfolio diverges significantly, while the equal weighting puts a greater emphasis on mid-cap names. Investors should be aware that the unique exposure comes with higher fees than plain-vanilla index funds. Moreover, USLB has been slow to gather assets since its 2015 debut, and lacks the liquidity offered by other large-cap ETFs.
ECOZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
QDIV|15|PendingDownload the FactSet Analyst Insight Reporthere.
HEET|15|PendingDownload the FactSet Analyst Insight Reporthere.
AAA|15|PendingDownload the FactSet Analyst Insight Reporthere.
BILS|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSAE|15|The Analyst Report for BSAE is not available.
DWMC|15|PendingDownload the FactSet Analyst Insight Reporthere.
FTLB|15|PendingDownload the FactSet Analyst Insight Reporthere.
CBSE|15|The Changebridge Capital Sustainable Equity ETF (CBSE) utilizes a long-only approach in its concentrated portfolio. Its all-cap focus aims to select securities misunderstood or overlooked by the market to generate risk-adjusted alpha. CBSE is designed with a sustainability mandate, and as such, assesses the environmental, social, and governance attributes of all securities considered for inclusion in the portfolio.
PGRO|15|PendingDownload the FactSet Analyst Insight Reporthere.
QQD|15|PendingDownload the FactSet Analyst Insight Reporthere.
ALTS|15|PendingDownload the FactSet Analyst Insight Reporthere.
MYY|15|This ETF offers inverse exposure to an index comprised of mid cap U.S. equities, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It’s important to note that MYY is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. MYY should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in the U.S. mid cap sector. Investors also have the option of simply selling short a traditional mid cap fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
YXI|15|This ETF offers inverse exposure to an index comprised of large cap Chinese equities, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It’s important to note that YXI is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. YXI should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in large cap Chinese securities. Investors also have the option of simply selling short a traditional large cap China fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
BEDZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
EZJ|15|This ETF offers 2x daily long leverage to the MSCI Japan Index, making it a powerful tool for investors with a bullish short-term outlook for Japanese large cap equities. Investors should note that EZJ’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EZJ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
YMAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
EAOR|15|PendingDownload the FactSet Analyst Insight Reporthere.
MVPS|15|PendingDownload the FactSet Analyst Insight Reporthere.
XTJL|15|PendingDownload the FactSet Analyst Insight Reporthere.
INDF|15|PendingDownload the FactSet Analyst Insight Reporthere.
VNMC|15|PendingDownload the FactSet Analyst Insight Reporthere.
TFJL|15|PendingDownload the FactSet Analyst Insight Reporthere.
LUXE|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPXN|15|PendingDownload the FactSet Analyst Insight Reporthere.
REK|15|This ETF offers -1x daily leverage to an index comprised of U.S. REITs, giving sophisticated investors a tool for expressing a bearish short-term view of the U.S. real estate sector. It should be noted that the daily reset feature makes REK inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a useful tool for hedging real estate exposure or simply for speculating on a decline in the value of this asset class over a short period of time. But REK shouldn’t ever be found in a long-term, buy-and-hold portfolio; it’s simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. Investors seeking to leverage up inverse real estate exposure have multiple options available to them, including -2x exposure from SRS and -3x exposure from DRV.
PFUT|15|PendingDownload the FactSet Analyst Insight Reporthere.
HYTR|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLN|15|This ETF offers exposure to the stocks markets of Latin America, a group that includes several of the world’s major commodity-producing economies such as Brazil, Mexico, Chile, and Peru. As such, FLN can potentially be used as a component of a long-term portfolio, though some investors may prefer to achieve exposure to these economies through broad-based emerging markets ETFs, such as EEM or FEM, that also include Asian and Middle Eastern markets as well. It should be noted that FLN excludes several South American economies, including Colombia and Argentina; those markets are accessible through GXG and ARGT, respectively. FLN is different from other Latin American equity ETFs such as GML or ILF because of the methodology used by the underlying index. FLN seeks to replicate an AlphaDEX benchmark that uses a quant-based strategy to identify stocks with the greatest potential for capital appreciation, with the goal of outperforming more broadly-based cap-weighted benchmarks. In return for this shot at alpha, investors will pay a bit more; FLN’s expense ratio is higher than alternatives such as ILF and GML. Moreover, the AlphaDEX approach will generally result in a more balanced portfolio that avoids big weightings in mega cap companies. So for those who believe that the AlphaDEX methodology will be able to generate alpha over the long run, FLN might be a useful tool for establishing exposure to Latin American stocks. For those who prefer to simply own the market and keep fees down, other members of the Latin America Equities ETFdb Category may make for better choices.
BNE|15|PendingDownload the FactSet Analyst Insight Reporthere.
JJS|15|This ETN offers exposure to sugar futures, making it one of the more targeted and obscure commodity ETPs available. Sugar prices can often exhibit significant volatility due to concentration of production and geopolitical instability, and SGG is the best way to play this commodity. For investors seeking exposure to sugar, SGG is one of the best options out there. But investors should be aware that this ETN exposes them to credit risk, and follows a futures-based index that may lag behind a hypothetical return on spot sugar prices.
DSOC|15|PendingDownload the FactSet Analyst Insight Reporthere.
PBDM|15|The Invesco PureBeta FTSE Developed ex-North America ETF tracks an index of large- and mid-cap companies from developed economies outside of North America. Investors should note that PBDM excludes small-cap companies that are included in other ETFs investing in the same markets. It’s also important to note that the fund relies on a FTSE index that includes South Korea among developed markets, whereas other indices classify the country as an emerging market. Investors who mix and match funds from different providers should make sure they’re not unintentionally overweighting or underweighting South Korea. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. Fees are competitive with rivals, but the fund hasn’t attracted the assets and daily liquidity of competing ETFs.
WKLY|15|PendingDownload the FactSet Analyst Insight Reporthere.
OVF|15|PendingDownload the FactSet Analyst Insight Reporthere.
VSLU|15|PendingDownload the FactSet Analyst Insight Reporthere.
YDEC|15|PendingDownload the FactSet Analyst Insight Reporthere.
VSL|15|PendingDownload the FactSet Analyst Insight Reporthere.
AFTY|15|PendingDownload the FactSet Analyst Insight Reporthere.
IDAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
USI|15|The Principal Ultra-Short Active Income ETF (USI) is an actively-managed fund that invests in short-term investment-grade debt. It aims to invest in securities with average effective maturity of three years or less and targets an average portfolio duration — a measure of bond price sensitivity to interest rate moves — of one year or less. USI may be suitable for investors looking for a relatively safe way to eke out a little more yield than they can get from brokerage sweep accounts or long-term Treasuries.
ECOW|15|PendingDownload the FactSet Analyst Insight Reporthere.
TYA|15|PendingDownload the FactSet Analyst Insight Reporthere.
TAGS|15|This ETF offers exposure to four major agricultural commodities, including corn, sugar, soybeans, and wheat. As such, TAGS is one of several options available to investors looking to maintain exposure to agricultural commodities, an asset class that may have appeal as a hedge against inflation or a way to bet on rising natural resource prices around the globe. While TAGS might not have tremendous appeal in a long-term, buy-and-hold portfolio, it can be an efficient tool for those looking to establish tactical exposure to this corner of the market.
SPXT|15|PendingDownload the FactSet Analyst Insight Reporthere.
MVP|15|PendingDownload the FactSet Analyst Insight Reporthere.
EQRR|15|PendingDownload the FactSet Analyst Insight Reporthere.
XTAP|15|PendingDownload the FactSet Analyst Insight Reporthere.
SDCI|15|PendingDownload the FactSet Analyst Insight Reporthere.
JRNY|15|PendingDownload the FactSet Analyst Insight Reporthere.
QTJL|15|PendingDownload the FactSet Analyst Insight Reporthere.
FBZ|15|This ETF offers investors the chance to buy into the Brazilian equity market, making FBZ one of a handful of products offering exposure to one of the world’s largest and most strategically important emerging markets. FBZ could potentially be included in a long-term portfolio, though the inclusion of Brazilian equities in most broad based emerging market or Latin America ETFs may result in duplication of exposure. This ETF might be most useful for investors with a bullish outlook on Brazil’s stock market looking to establish a tactical tilt towards the South American economy. FBZ is somewhat unique as a result of the methodology used to construct and maintain the underlying index; this ETF is part of the AlphaDEX suite from First Trust that seek to replicate “enhanced” indexes. Instead of simply owning the market, the index to which FBZ is linked employs a quant-based screen designed to identify stocks with the greatest potential for capital appreciation. In return for this enhanced strategy and chance to generate alpha, investors will pay a bit more; FBZ maintains an expense ratio that is a bit higher than other Brazil ETFs such as EWZ. If you believe the AlphaDEX methodology has the ability to generate excess returns over the long run, FBZ might be the preferred means of gaining exposure to Brazilian stock markets. Those who prefer to own the market and avoid more expensive quant-based techniques may prefer EWZ for large cap exposure or BRAZ for mid cap exposure (EWZS and BRF are available to those looking to bet on small caps). It should also be noted that the AlphaDEX methodology has a unique impact on the portfolio of FBZ compared to cap-weighted products such as EWZ; the AlphaDEX product avoids big concentrations in any one name, while the cap-weighted fund affords hefty weights to a couple of mega cap companies. As such, FBZ may offer more balanced exposure to the Brazilian economy and minimize the impact of any company-specific developments on the ETF’s performance. Investors seeking broader exposure to Latin American stocks through the AlphaDEX methodology may want to take a look at FLN.
PSFM|15|PendingDownload the FactSet Analyst Insight Reporthere.
JFWD|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWJE|15|PendingDownload the FactSet Analyst Insight Reporthere.
MARB|15|PendingDownload the FactSet Analyst Insight Reporthere.
ARB|15|PendingDownload the FactSet Analyst Insight Reporthere.
EPV|15|This ETF offers -2x daily leverage to the equity markets of developed Europe, giving sophisticated investors a powerful tool for expressing a bearish short-term view of the U.K., France, Germany, and a handful of other Western European countries. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make EPV inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool for hedging Europe exposure or simply for speculating on a decline in value of European equities. But EPV shouldn’t ever be found in a long-term, buy-and-hold portfolio; it’s simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. EPV is a trading instrument, and should be treated as such.
XDAP|15|PendingDownload the FactSet Analyst Insight Reporthere.
QQC|15|PendingDownload the FactSet Analyst Insight Reporthere.
CBLS|15|The Changebridge Capital Long/Short Equity ETF (CBLS) features a concentrated portfolio of long and short positions, aiming for each position in the portfolio generating risk-adjusted alpha. By taking long positions in companies the managers believe will rise in price while taking short positions in companies whose stock the managers believe will fall in value, the strategy seeks to achieve long-term capital appreciation while minimizing volatility. CBLS has a small and mid-cap focus and integrates an ESG mindset into the investment process.
RESD|15|PendingDownload the FactSet Analyst Insight Reporthere.
IDLB|15|The Invesco FTSE International Low Beta Equal Weight ETF tracks an index of international equities that are less vulnerable to market swings. The index targets large- and mid-cap companies in developed markets, excluding the U.S. The methodology also establishes earnings thresholds. Each component is then given the same weight. The fund rebalances twice a year. The idea is to gain exposure to international equities with relatively lower risk than a broad index fund. Investors should note that FTSE’s developed market indices include South Korea, while other indices classify South Korea as an emerging market. Still, the fund owns a relatively narrow universe of equities compared with other developed market funds, and the expense ratio is on the high side for a passive ETF, which may be why IDLB has struggled to pick up significant assets.
EDUT|15|PendingDownload the FactSet Analyst Insight Reporthere.
BIS|15|This ETF offers 2x daily short leverage to the broad-based NASDAQ Biotechnology Index, making it a powerful tool for investors with a bearish short-term outlook for biotechnology or pharmaceuticals companies. Investors should note that BIS’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. BIS can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
BSMU|15|The Invesco BulletShares 2030 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.
PLDR|15|PendingDownload the FactSet Analyst Insight Reporthere.
RSPY|15|PendingDownload the FactSet Analyst Insight Reporthere.
STLV|15|PendingDownload the FactSet Analyst Insight Reporthere.
EEMD|15|PendingDownload the FactSet Analyst Insight Reporthere.
AGT|15|The iShares MSCI Argentina and Global Exposure ETF (AGT) is one of only two ETFs that exclusively target Argentine equities. The fund tracks an MSCI index of the largest and most-liquid companies. The portfolio includes a couple dozen stocks of companies that are either based in Argentina, listed on local markets or get at least 10% of their revenue from the country. The stocks are market-cap weighted, adjusted for free float, and no single stock can exceed 25%  of the portfolio, and all companies weighted at more than 5% can’t exceed 50% combined.
RNEM|15|PendingDownload the FactSet Analyst Insight Reporthere.
IXSE|15|PendingDownload the FactSet Analyst Insight Reporthere.
SEF|15|This ETF offers inverse exposure to an index comprised of U.S. financials equities, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It’s important to note that SEF is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. SEF should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in U.S. financials securities. Investors also have the option of simply selling short a traditional financials fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
VWID|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMBH|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMTY|15|PendingDownload the FactSet Analyst Insight Reporthere.
IBBJ|15|The Analyst Report for IBBJ is not available.
LVOL|15|The American Century Low Volatility ETF is an actively managed ETF focused on large cap U.S. equities that are less susceptible to market gyrations. Money managers have long recognized that certain factors, when deployed during certain market conditions, have consistently rewarded investors. There are macroeconomic trends like economic growth and inflation, such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target equities that exhibit less susceptibility to wide price swings. The downside of some low-vol funds is that they can sometimes tilt heavily toward relatively placid sectors like utilities, giving investors an unintentional concentration in a particular industry. Like many low-vol ETFs, LVOL owns a narrow slice of the U.S. market, so it isn’t a suitable replacement for a core allocation. The fund is also likely to include large cap companies that most investors hold elsewhere in their portfolio. LVOL’s fees are reasonable, even when compared with some of the indexed low-vol options, though it’s more expensive than ultra-cheap plain-vanilla index ETFs. But for an investor looking for an ETF that aims to deliver a smoother ride without sacrificing exposure to U.S. equities, LVOL could be a good choice. As with any active fund, the investor should first make sure they believe in the ability of American Century’s money managers, but the same could be said of the index methodologies used by passive low-vol funds.
BMED|15|PendingDownload the FactSet Analyst Insight Reporthere.
HART|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHIM|15|This ETF offers exposure to China’s materials sector, making it one of the most precise tools available in the ETF universe. Those looking to overweight China may find this ETF useful for fine tuning exposure, especially those expecting strong performance from the industrial sector. Also, investors bullish on the outlook for industrial stocks but hesitant to invest in U.S. equities may consider CHII as well. This fund can also be used in market neutral long/short trades that seek to exploit return differentials—for example going long CHIM and short XLB (or vice versa). CHIM is more expensive than most broad-based China ETFs, so those seeking exposure to the total Chinese economy may prefer funds such as YAO or GXC.
DZZ|15|The DB Gold Double Short ETN (DZZ) is one of Deutsche Bank’s legacy exchange-traded notes. DZZ has minimal assets and negligible daily trading. It may be difficult for investors to buy and sell.
IVLC|15|The Invesco US Large Cap Core ESG ETF is among the first wave of active non-transparent ETFs. This means the fund’s stock pickers don’t have to disclose their holdings every day, unlike most ETFs. The fund is part of Invesco’s suite of active ETFs that target companies that compare favorably on environmental, social and governance criteria, also known as ESG. The fund will invest in large-cap U.S. stocks that meet high ESG standards. The fund may also invest up to 20% of its portfolio in non-U.S. stock, including as much as 10% in emerging markets issuers. The fund will exclude companies that receive 10% or more of their revenue from tobacco, alcohol, controversial and conventional weapons, private prison operators, recreational cannabis, extraction of thermal coal and extraction of fossil fuel from unconventional sources (i.e., fracking.) Companies that aren’t in compliance with UN Global Compact principals will also be left out. The fund’s managers will then use third-party ESG analysis as well as in-house expertise to look at factors like pollution and waste, workforce, human rights, regulatory issues, corporate social responsibility strategy and business ethics. Holdings will be reassessed at least annually, and the fund will seek to sell “within a reasonable period of time” those companies whose ESG rating deteriorates below certain thresholds. Holdings will be disclosed quarterly, on a delay. For years, some active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets. The Securities and Exchange Commission finally approved non-transparent funds in 2019. Whether active non-transparent will pay off remains to be seen. While other active money-managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers can’t. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. In practice, this means many active equity ETFs, transparent or not, may lean heavily on large-cap U.S. equities. The biggest U.S. stocks are highly liquid, but they’ve also proven a challenging market for active managers. Few consistently beat their benchmarks. Moreover, some active non-transparent ETFs target the same investment strategies pursued by index funds following similar strategies. ESG funds are an increasingly popular segment of the ETF marketplace, offering values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. IVLC will be competing against diversified ultra-low-cost ETFs pegged to ESG indices. The fund’s fees are reasonable for active management, but higher than many indexed rivals. The fund may have too concentrated a portfolio for buy-and-hold investors, especially given the higher fees. IVLC launched in late 2020, so there is a limited real-world track record to compare against its index-tracking rivals. Investors would do well to compare price, holdings, performance and liquidity against ESG index funds as well as other actively-managed ESG strategies.
IEFN|15|PendingDownload the FactSet Analyst Insight Reporthere.
DSJA|15|PendingDownload the FactSet Analyst Insight Reporthere.
VIRS|15|PendingDownload the FactSet Analyst Insight Reporthere.
KLNE|15|PendingDownload the FactSet Analyst Insight Reporthere.
SLT|15|PendingDownload the FactSet Analyst Insight Reporthere.
ESCR|15|The Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR) tracks an index of investment-grade debt, but screens the securities based on environmental, social and governance factors, an investing style known by the acronym ESG. ESCR screens issuers based on controversies, or involvement in adult entertainment, tobacco, nuclear power, alcohol, gambling, conventional and controversial weapons, civilian firearms and nuclear weapons. Once those securities are screened out, ESCR readjusts its portfolio to match the sector, maturity and credit weighting of its benchmark. ESCR is priced competitively for the category, though it’s more expensive than the rival iShares ESG USD Corporate Bond ETF (SUSC).
OVS|15|PendingDownload the FactSet Analyst Insight Reporthere.
DEMZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
PLTL|15|PendingDownload the FactSet Analyst Insight Reporthere.
LSLT|15|PendingDownload the FactSet Analyst Insight Reporthere.
NVQ|15|PendingDownload the FactSet Analyst Insight Reporthere.
EEMO|15|The  Invesco S&P Emerging Markets Momentum ETF tracks an index of large-cap emerging market stocks that have had better recent price performance compared with peers. The index targets companies with a float-adjusted market capitalization of at least $100 million. The methodology measures the percentage change in stock prices over the past year, excluding the most recent month, and then adjusts for volatility. The top 20% are included in the index. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. Fund fees are reasonable though there are lower-cost options in emerging markets. Investors should note that EEMO invests in a significantly narrower universe of emerging market stocks, and the strategy is too targeted for most buy-and-hold investors. However, EEMO could be a good choice for tactical traders looking to overweight momentum in emerging markets. Prior to March 18, 2016, EEMO tracks a different emerging markets index.
MARZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
JJP|15|This particular ETN focuses in on precious metals including gold and silver. As such it can provide investors direct exposure to an inflation hedge, potentially appreciating as the U.S. dollar weakens and and slumping when price increases slow down. As a result, the fund could see broad appeal from investors looking to establish a hedge in their portfolios. With that being said, there are a number of options in the precious metals space that are far less expensive and do not have the credit risk of an ETN either. Many investors would be better served by taking a closer look at these funds instead of this illlquid ETN. Furthermore, the name is kind of a misnomer as one would expect platinum and palladium to be included as well in a ‘precious metals’ fund. Instead investors just two futures contracts that they could easily obtain physical exposure to via the likes of SLV or IAU at a far cheaper cost.
FUT|15|PendingDownload the FactSet Analyst Insight Reporthere.
OCTZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
FTXG|15|PendingDownload the FactSet Analyst Insight Reporthere.
BLHY|15|PendingDownload the FactSet Analyst Insight Reporthere.
PDEV|15|The Analyst Report for PDEV is not available.
EEV|15|This ETF offers 2x daily short leverage to the broad-based MSCI Emerging Markets Index, making it a powerful tool for investors with a bearish short-term outlook for emerging markets. Investors should note that EEV’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EEV can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
SMIG|15|PendingDownload the FactSet Analyst Insight Reporthere.
XJUN|15|PendingDownload the FactSet Analyst Insight Reporthere.
ESGY|15|PendingDownload the FactSet Analyst Insight Reporthere.
LBAY|15|PendingDownload the FactSet Analyst Insight Reporthere.
WWOW|15|PendingDownload the FactSet Analyst Insight Reporthere.
NSCS|15|PendingDownload the FactSet Analyst Insight Reporthere.
NDVG|15|PendingDownload the FactSet Analyst Insight Reporthere.
BUL|15|PendingDownload the FactSet Analyst Insight Reporthere.
RJZ|15|This ETN offers exposure to a basket of base metals, including copper, zinc, and aluminum. As such, this ETN can be a tactical tool for investors with a bullish outlook on this corner of the commodities market; those seeking more broad-based exposure to natural resources would be better served by a fund such as DBC or DJP that includes precious metals, agriculture, and others. Those seeking more granular exposure have metal-specific ETPs available to them, such as JJC. The structure of RJZ is worth noting; as an ETN that tracks a basket of futures contracts, this fund will avoid tracking error issues but does expose investors to the credit risk of the underlying issuer. For investors looking for broad exposure to the base metal group, RJZ represents a decent choice, especially for those who do not like to achieve their commodity exposure via the equities market. However, a number of other options are available in the space that are far more liquid and these should probably be considered before this ELEMENTS fund.
GRU|15|This ETN gives investors futures-based exposure to the price of corn, wheat, soybeans, and soybean-oil, a specific basket of commodities that often receive minimal weightings in broad-based agricultural or commodity products. As such, GRU can be a useful tool for achieving a very specific type of exposure, and may perform well in environments where food prices face upward pressure. This product is probably way too targeted for those building a long-term, buy-and-hold portfolio; GRU is most useful as a means of establishing a shorter-term tactical tilt towards a specific corner of the commodity market. There are a couple noteworthy attributes of this GRU: as an ETN, this product is a debt instrument that exposes investors to credit risk of the issuing institution but generally avoids tracking error. Moreover, the ETN structure may result in unique tax consequences. Additionally, it should be noted that the underlying index consists of futures contracts, meaning that GRU won’t necessarily track the performance of spot grains prices. The slope of the futures curve can have a potentially big impact on returns, depending on the environment and market prices.
NWLG|15|PendingDownload the FactSet Analyst Insight Reporthere.
SMDD|15|This ETF offers 3x daily short leverage to the S&P MidCap 400 Index, making it a powerful tool for investors with a bearish short-term outlook for mid cap equities. Investors should note that SMDD’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SMDD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FTAG|15|PendingDownload the FactSet Analyst Insight Reporthere.
RODE|15|PendingDownload the FactSet Analyst Insight Reporthere.
EAOM|15|PendingDownload the FactSet Analyst Insight Reporthere.
MIDF|15|PendingDownload the FactSet Analyst Insight Reporthere.
MJUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
HVAL|15|PendingDownload the FactSet Analyst Insight Reporthere.
SDGA|15|PendingDownload the FactSet Analyst Insight Reporthere.
STLG|15|PendingDownload the FactSet Analyst Insight Reporthere.
GLIF|15|PendingDownload the FactSet Analyst Insight Reporthere.
ESGS|15|PendingDownload the FactSet Analyst Insight Reporthere.
IWFH|15|PendingDownload the FactSet Analyst Insight Reporthere.
FAIL|15|PendingDownload the FactSet Analyst Insight Reporthere.
SULR|15|The Analyst Report for SULR is not available.
SPAX|15|PendingDownload the FactSet Analyst Insight Reporthere.
WGRO|15|PendingDownload the FactSet Analyst Insight Reporthere.
ESGN|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSMR|15|PendingDownload the FactSet Analyst Insight Reporthere.
HDIV|15|This ETF is designed to focus on components of the Russell 1000 that maintain high dividend yields, making it potentially appealing to investors looking to enhance income derived from the equity side of their portfolios. As such, HDIV can be used as a satellite allocation to beef up current returns, or potentially as a core holding in place of a plain vanilla large cap U.S. ETF.
APRZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
XRMI|15|PendingDownload the FactSet Analyst Insight Reporthere.
PGM|15|This ETF invests in and index consisting of futures contracts on the commodity of platinum. Platinum is one of the rarest metals on earth, found in even smaller quantities than silver or gold. Though it receives less attention from investors than other precious metals, platinum is an interesting option because it is used widely in a number of industrial applications; most notably, this metal is a key component of automobiles. About half of the supply of platinum goes towards emission control devices for automobiles; as a catalyst it allows for the combustion of unburned hydrocarbons from the exhaust into carbon dioxide and water vapor. Jewelry and electronics are other significant end uses, and platinum is also used in certain dental applications and thermometers. PGM affords investors the opportunity to gain exposure to this metal without the complications of owning a futures account. That being said, PGM is not for everyone, and should only be bought by those who truly understand how it works. For those who have done their research, PGM will make for a great way to gain exposure to one of the rarest elements known to mankind.
MAYZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSFJ|15|PendingDownload the FactSet Analyst Insight Reporthere.
UPV|15|This ETF offers 2x daily long leverage to the MSCI Europe Index, making it a powerful tool for investors with a bullish short-term outlook for Europe equities. Investors should note that UPV’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UPV can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
NIFE|15|PendingDownload the FactSet Analyst Insight Reporthere.
UBR|15|This ETF offers 2x daily long leverage to the MSCI Brazil Index, making it a powerful tool for investors with a bullish short-term outlook for Brazilian equities. Investors should note that UBR’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UBR can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
LOPX|15|PendingDownload the FactSet Analyst Insight Reporthere.
EMMF|15|PendingDownload the FactSet Analyst Insight Reporthere.
FEDM|15|PendingDownload the FactSet Analyst Insight Reporthere.
OOTO|15|PendingDownload the FactSet Analyst Insight Reporthere.
RALS|15|This ETF offers a unique twist on market neutral exposure, offering both long and short positions to U.S. stocks within a single portfolio. Given this objective, RALS can be expected to exhibit a low correlation with traditional asset classes, and as such can be a useful tool for investors looking to smooth overall volatility and who believe that the underlying methodology is capable of generating positive returns over the long run regardless of overall market direction. RALS should be appealing to those who believe that market capitalization weighting is inherently flawed, and that the fundamentals-based RAFI strategy offers a more rational way to achieve exposure to U.S. equities (essentially, that cap weighting has a tendency to overweight overvalued stocks and underweight undervalued companies). RALS essentially calculates the weight of various stocks based on multiple fundamental factors, and establishes long positions in those with a “RAFI weight” greater than their market cap weight (and vice versa). The methodology is sound, making RALS a useful tool for exploiting potential inefficiencies in cap weighted indexes. Investors shouldn’t expect huge returns in either direction; as a long/short fund, RALS is unlikely to make significant moves in either direction. One potential drawback is the expense ratio, which creates a material breakeven hurdle, especially considering the nature of the fund’s strategy.
CHIE|15|This ETF offers exposure to China’s energy sector, making it one of the most precise tools available in the ETF universe. Given this targeted focus, this ETF is probably more appropriate for those looking to establish a shorter-term tactical tilt as opposed to those building a long-term portfolio. Those looking to overweight China may find this ETF useful for fine tuning exposure, while investors bullish on the outlook for energy stocks but hesitant to invest in U.S. equities may consider CHIE as well. This fund can also be used in market neutral long/short trades that seek to exploit return differentials—for example going long CHIE and short XLE (or vice versa). Investors looking to add broad-based China exposure have a number of options available, such as YAO or GXC.
BECO|15|PendingDownload the FactSet Analyst Insight Reporthere.
TRYP|15|PendingDownload the FactSet Analyst Insight Reporthere.
REC|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWEB|15|PendingDownload the FactSet Analyst Insight Reporthere.
GBLD|15|The Invesco MSCI Green Building ETF tracks an index of companies engaged on “green building,” such as the design, construction, redevelopment, retrofitting or acquisition of properties that have been certified as meeting certain building standards for energy efficiency and resource sustainability. The fund invests in small-, mid- and large-cap companies from around the world. Those that derive 50% or more of their revenue from green building are included in the index. The index excludes companies that face severe controversies related to environmental, social and governance issues in the last three years, as well as companies involved in controversial weapons. The fund, which debuted in April 2021, is among dozens of ETFs that target companies that compare favorably on environmental, social and governance criteria, also known as ESG. ESG funds are an increasingly popular segment of the ETF marketplace, offering values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. GBLD is part of a narrower subset of ESG known as impact funds, whose goal is to invest in companies that try to bring about a measurable, beneficial social or environmental impact. The fund’s underlying index includes companies that meet third-party requirements for green building, such as the Leadership in Energy and Environmental Design (LEED) standards. Invesco’s fund fees are reasonable for the segment, though fees for impact ETFs tend to be significantly higher than plain-vanilla index funds and some broad-based ESG funds. The holdings are also significantly narrower. Due to the increased diversification and concentration risk of its portfolio, GBLD is not a good replacement for a core global equity position though it may be a good complement for investors committed to green building.
TBJL|15|PendingDownload the FactSet Analyst Insight Reporthere.
RJN|15|This product is one of many that offers exposure to a basket of energy commodities; as such, RJN may be appealing to investors looking to establish exposure to rising prices for crude oil and other energy resources, such as natural gas, gasoline, and heating oil. Given this targeted focus, RJN probably doesn’t belong in many long-term, buy-and-hold portfolios; this ETP is more appropriate for those looking to establish a shorter-term tactical tilt towards this corner of the commodity market (DBC and USCI offer more broadly-based options for exposure to natural resources). There are several aspects of RJN that should be considered by investors. First, this product is an ETN, meaning that investors are exposed to the credit risk of the issuing institution. The ETN structure may also have unique tax consequences compared to commodity ETFs. Investors may also want to examine the composition of the underlying portfolio; the product mix between various component commodities may vary significantly. Also, investors considering this ETN should note the low trading volumes; the use of limit orders are advised when establishing or closing out a position in order to avoid an undesirable trading experience.
EATZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
KROP|15|PendingDownload the FactSet Analyst Insight Reporthere.
CHIR|15|PendingDownload the FactSet Analyst Insight Reporthere.
JUNZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
CROC|15|PendingDownload the FactSet Analyst Insight Reporthere.
JJE|15|This ETN is one of the many exchange-traded options available for those looking to establish broad-based exposure to energy commodities, though the nuances of JJE make it appropriate only for a relatively small number of portfolios. The underlying index includes futures contracts on crude oil, heating oil, natural gas, and unleaded gasoline; investors seeking to focus on any one of these have ETPs at their disposal to do just that. It’s worth considering the exact breakdown between these commodities as well, as investors looking for a slightly different mix may need to use additional products. There are several noteworthy elements of this product. First, JJE is an ETN, meaning that investors are exposed to the credit risk of the issuer. Second, this ETN won’t generally correspond to changes in spot prices, as the underlying index is comprised of futures contracts (in many cases, the difference over extended periods of time can be significant). JJE is really only appropriate for those with a short holding period, as the impact of contango in futures markets can erode returns to a futures-based strategy over an extended period of time.
SBB|15|This ETF offers inverse exposure to an index comprised of small cap U.S. equities as chosen by S&P, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It’s important to note that RWM is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. RWM should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in small cap U.S. securities. Investors also have the option of simply selling short a traditional small cap fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
KMED|15|PendingDownload the FactSet Analyst Insight Reporthere.
ADIV|15|PendingDownload the FactSet Analyst Insight Reporthere.
XDAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
DYHG|15|The Analyst Report for DYHG is not available.
FLLA|15|The Franklin FTSE Latin America ETF (FLLA) tracks an index of large and mid-size companies in Brazil, Chile, Colombia, Mexico, and Peru. FLLA offers well-diversified exposure to some of the largest economies of Latin America, and for a very reasonable price. Most of the markets included in FLLA are also represented by single-country ETFs offered by Franklin or one of its competitors. Those markets are likewise covered in diversified emerging markets ETFs. FLLA was launched in 2018 but has yet to attract significant assets or liquidity.
CHB|15|PendingDownload the FactSet Analyst Insight Reporthere.
QRMI|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPXV|15|PendingDownload the FactSet Analyst Insight Reporthere.
CEFA|15|PendingDownload the FactSet Analyst Insight Reporthere.
MCRO|15|This ETF looks to offer investors a way to replicate the risk-adjusted return characteristics of two hedge fund strategies. These methods include; a macro strategy and an emerging markets strategy, both using ETFs to accomplish their objectives. As stated, the fund will not invest in hedge funds but rather in exchange-traded products in order to replicate the exposure of a hedge fund strategy. Although this actively managed fund costs more than a comparable index fund, it does offer investors a much less volatile play on global markets while producing a comparable return as a world benchmark. The fund could make for a solid choice for those looking for a highly uncorrelated product that offers exposure to a wide variety of asset classes in a single ticker. Just be aware that the expenses are pretty hefty but this is one case where the active management appears to actually add value as opposed to subtract.
FLIY|15|The Franklin FTSE Italy ETF (FLIY) tracks an index of large and mid-size companies in Italy. This ETF offers a deeper portfolio with more exposure to small caps than the iShares MSCI Italy ETF (EWI). As of June 2020, FLIY’s management fee is a fraction of the price of its iShares rival, but it continues to trail in assets and liquidity.
MAAX|15|PendingDownload the FactSet Analyst Insight Reporthere.
DWAT|15|PendingDownload the FactSet Analyst Insight Reporthere.
WIL|15|PendingDownload the FactSet Analyst Insight Reporthere.
CFCV|15|PendingDownload the FactSet Analyst Insight Reporthere.
VFIN|15|PendingDownload the FactSet Analyst Insight Reporthere.
LGBT|15|PendingDownload the FactSet Analyst Insight Reporthere.
GGRW|15|PendingDownload the FactSet Analyst Insight Reporthere.
BNKD|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLZA|15|The Franklin FTSE South Africa ETF (FLZA) tracks an index of large and mid-size companies in South Africa. This ETF offers a deeper portfolio with more exposure to small caps than the iShares MSCI South Africa MSCI ETF (EZA). As of June 2020, FLZA’s management fee is a fraction of the price of its iShares rival, but it continues to trail in assets and liquidity.
AFLG|15|PendingDownload the FactSet Analyst Insight Reporthere.
DMCY|15|PendingDownload the FactSet Analyst Insight Reporthere.
VCLN|15|PendingDownload the FactSet Analyst Insight Reporthere.
KEJI|15|PendingDownload the FactSet Analyst Insight Reporthere.
DEFN|15|The Analyst Report for DEFN is not available.
AMER|15|PendingDownload the FactSet Analyst Insight Reporthere.
REW|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Technology Index, making it a powerful tool for investors with a bearish short-term outlook for technology equities. Investors should note that REW’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. REW can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FSST|15|PendingDownload the FactSet Analyst Insight Reporthere.
WEBS|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLUD|15|PendingDownload the FactSet Analyst Insight Reporthere.
FLSA|15|The Franklin FTSE Saudi Arabia ETF (FLSA) tracks an index of large and mid-size companies in Saudi Arabia. As of June 2020, FLSA’s management fee is significantly lower than the iShares MSCI Saudi Arabia MSCI ETF (KSA), but it continues to trail KSA in assets and liquidity.
PVAL|15|The Principal Contrarian Value Index ETF (PVAL) tracks an index of mid-cap U.S. stocks with a bias toward value investing. The index excludes utility companies, then separates financial from non-financials. The methodology tries to identify those companies with higher book yields; the index then tries to determine how the securities will measure on quality in bull and bear markets. The securities are then separated into tiers and equal-weighted within those tiers.
DECZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSCJ|15|PendingDownload the FactSet Analyst Insight Reporthere.
HJPX|15|PendingDownload the FactSet Analyst Insight Reporthere.
FEBZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
DIVA|15|PendingDownload the FactSet Analyst Insight Reporthere.
EWV|15|This ETF offers 2x daily short leverage to the MSCI Japan Index, making it a powerful tool for investors with a bearish short-term outlook for Japanese large cap equities. Investors should note that EWV’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EWV can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
XCLR|15|PendingDownload the FactSet Analyst Insight Reporthere.
LIV|15|PendingDownload the FactSet Analyst Insight Reporthere.
ULE|15|This ETF is designed for investors looking to bet on a strong performance of the euro relative to the U.S. dollar or to hedge against existing dollar exposure. ULE utilizes daily leverage, meaning that its objective involves achieving amplified returns over a single trading session, and that performance over multiple sessions may not correspond to the target multiple. Given the targeted focus and use of leverage, ULE is probably not appropriate for most investors; it should never be used in a long-term portfolio, and makes sense only for those with the willingness and ability to monitor and rebalance their portfolio regularly. For those looking to make a bet on the euro zone currency, this fund can be useful; for most investors, it shouldn’t be used at all. EUO offers a way to bet against the euro, while URR, an ETN, offers generally similar exposure.
DGZ|15|The DB Gold Short ETN (DGZ) is one of Deutsche Bank’s legacy exchange-traded notes. DGZ has minimal assets and negligible daily trading. It may be difficult for investors to buy and sell.
IBTK|15|PendingDownload the FactSet Analyst Insight Reporthere.
HERD|15|PendingDownload the FactSet Analyst Insight Reporthere.
ILDR|15|PendingDownload the FactSet Analyst Insight Reporthere.
XDJL|15|PendingDownload the FactSet Analyst Insight Reporthere.
WNDY|15|PendingDownload the FactSet Analyst Insight Reporthere.
BERZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
XTR|15|PendingDownload the FactSet Analyst Insight Reporthere.
QCLR|15|PendingDownload the FactSet Analyst Insight Reporthere.
FWDB|15|The Analyst Report for FWDB is not available.
CHII|15|CHII is a very precise tool that may be appropriate for investors with very specific views on China’s economy. This ETF offers exposure to China’s industrial sector, making it one of the most precise tools available in the ETF universe. Those looking to overweight China may find this ETF useful for fine tuning exposure, while investors bullish on the outlook for industrial stocks but hesitant to invest in U.S. equities may consider CHII as well. This fund can also be used in market neutral long/short trades that seek to exploit return differentials—for example going long CHII and short XLI (or vice versa). CHII is more expensive than most broad-based China ETFs, so those seeking exposure to the total Chinese economy may prefer funds such as YAO or GXC.
PSIL|15|PendingDownload the FactSet Analyst Insight Reporthere.
SDD|15|This ETF offers 2x daily short leverage to the S&P SmallCap 600 Index, making it a powerful tool for investors with a bearish short-term outlook for small cap U.S. equities. Investors should note that SDD’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SDD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
YSEP|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSFD|15|PendingDownload the FactSet Analyst Insight Reporthere.
MRAD|15|PendingDownload the FactSet Analyst Insight Reporthere.
BIGY|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSMD|15|PendingDownload the FactSet Analyst Insight Reporthere.
USEQ|15|The Invesco Russell 1000 Enhanced Equal Weight ETF applies a proprietary index strategy to large-cap U.S. equities. The fund firsts looks for companies with upward price momentum and fair valuations, excluding those without positive earnings in the previous year. The methodology assesses cash-flow yield, earnings yield and sales-to-price ratio, and cuts the bottom performers. Then USEQ tests price momentum, and again culls the weakest. The remaining companies are equally weighted. The result of USEQ’s methodology is a portfolio that can diverge significantly from a plain-vanilla Russell 1000 ETF. The industry and sector mix may look different. The equal weighting strategy also gives USEQ a heavier tilt toward mid-cap equities. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes. USEQ may not own the full roster of companies in the Russell 1000 but the fund still owns a diversified mix of hundreds of U.S. equities, and may be a good complement to large-cap core holding. Investors should be aware that the unique exposure comes with higher fees than plain-vanilla index funds. Moreover, USEQ has been slow to gather assets since its 2017 debut, and lacks the liquidity offered by other large-cap ETFs.
SSG|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Semiconductors Index, making it a powerful tool for investors with a bearish short-term outlook for semiconductor equities. Investors should note that SSG’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SSG can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
RXD|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Health Care Index, making it a powerful tool for investors with a bearish short-term outlook for health care equities. Investors should note that RXD’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. RXD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
PSCX|15|PendingDownload the FactSet Analyst Insight Reporthere.
RODI|15|PendingDownload the FactSet Analyst Insight Reporthere.
QTR|15|PendingDownload the FactSet Analyst Insight Reporthere.
EURZ|15|The Xtrackers Eurozone Equity ETF (EURZ) offers exposure to stocks listed in the 19 European countries that are part of the Eurozone. Unlike other European equity ETFs, Eurozone funds exclude stocks from the U.K., Sweden and other countries that haven’t adopted the euro currency. EURZ has been on the market since 2014 but hasn’t been nearly as successful in raising assets as the iShares MSCI Eurozone ETF (EZU), the dominant ETF in the space. For investors who want targeted exposure to Eurozone stocks, EZU provides far better liquidity. For investors who want targeted exposure without the currency risk, DWS Group offers the sister fund to EURZ: the Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ).
AFSM|15|PendingDownload the FactSet Analyst Insight Reporthere.
GBDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
SKYU|15|PendingDownload the FactSet Analyst Insight Reporthere.
USVT|15|PendingDownload the FactSet Analyst Insight Reporthere.
FEUS|15|PendingDownload the FactSet Analyst Insight Reporthere.
FDWM|15|PendingDownload the FactSet Analyst Insight Reporthere.
RAYS|15|PendingDownload the FactSet Analyst Insight Reporthere.
DDG|15|This ETF offers inverse exposure to an index comprised of domestic oil and gas stocks, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It’s important to note that DDG is designed to deliver inverse results over a single trading session, with exposure resetting on a daily basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. DDG should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in the U.S. energy sector. Investors also have the option of simply selling short a traditional oil & gas ETF, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
WDNA|15|PendingDownload the FactSet Analyst Insight Reporthere.
VPOP|15|PendingDownload the FactSet Analyst Insight Reporthere.
FNGZ|15|The Analyst Report for FNGZ is not available.
DMDV|15|PendingDownload the FactSet Analyst Insight Reporthere.
AVDG|15|PendingDownload the FactSet Analyst Insight Reporthere.
LTL|15|This ETF offers 2x daily long leverage to the Dow Jones U.S. Select Telecommunications Index, making it a powerful tool for investors with a bullish short-term outlook for telecom equities. Investors should note that LTL’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. LTL can be a powerful tool for sophisticated investors who are bearish on the financial industry, but should be avoided by those with a low risk tolerance.
IBTL|15|PendingDownload the FactSet Analyst Insight Reporthere.
YCL|15|This ETF is designed for investors looking to bet on a strong performance of the Japanese yen relative to the U.S. dollar or to hedge against existing dollar exposure in their portfolios. YCL utilizes daily leverage, meaning that its objective involves achieving amplified returns over a single trading session, and that performance over multiple sessions may not correspond to the target multiple. Given the targeted focus and use of leverage, YCL is probably not appropriate for most investors; it should never be used in a long-term portfolio, and makes sense only for those with the willingness and ability to monitor and rebalance their portfolio regularly. For those looking to make a bet on the Japanese currency, this fund can be useful; for most investors, it shouldn’t be used at all. YCS offers a way to place a leveraged bet against the yen.
JGLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
FEDX|15|PendingDownload the FactSet Analyst Insight Reporthere.
JANZ|15|PendingDownload the FactSet Analyst Insight Reporthere.
EUFX|15|This ETF is designed for investors looking to bet against the performance of the euro relative to the U.S. dollar or to hedge against existing euro exposure. Given the targeted focus, EUFX is probably not appropriate for most investors; it should never be used in a long-term portfolio, and makes sense only for those with the willingness and ability to monitor and rebalance their portfolio regularly. For those looking to make a bet against the euro zone currency, this fund can be useful, but, for most investors, it shouldn’t be used at all. ULE offers investors a way to make a bullish bet on the euro.
PEXL|15|PendingDownload the FactSet Analyst Insight Reporthere.
PSCW|15|PendingDownload the FactSet Analyst Insight Reporthere.
SHFT|15|PendingDownload the FactSet Analyst Insight Reporthere.
SDP|15|This ETF offers 2x daily short leverage to the S&P 500 Index, making it a powerful tool for investors with a bearish short-term outlook for large cap U.S. equities. Investors should note that SDS’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SDS can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
EPRE|15|PendingDownload the FactSet Analyst Insight Reporthere.
ITAN|15|PendingDownload the FactSet Analyst Insight Reporthere.
ZECP|15|PendingDownload the FactSet Analyst Insight Reporthere.
SBM|15|This ETF offers inverse exposure to an index comprised of U.S. basic materials equities, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It’s important to note that SBM is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for “return erosion” in volatile markets. SBM should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in U.S. basic materials securities. Investors also have the option of simply selling short a traditional basic materials fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF.
NTSE|15|PendingDownload the FactSet Analyst Insight Reporthere.
IVRA|15|The Invesco Real Assets ESG ETF is an actively-managed fund that invests in real assets companies such as those engaged in infrastructure, real estate, natural resources and timber, targeting those that compare favorably on environmental, social and governance criteria, also known as ESG. The fund, which debuted in 2020, is among the first so-called active non-transparent ETFs, meaning it does not need to disclose its trades each day. ESG funds are an increasingly popular segment of the ETF marketplace, offering values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. Dozens of ESG funds have launched in recent years, though IVRA stands out for its active management, semitransparent structure, and its focus on a niche corner of the ESG universe. Those nuances make it hard to find a straightforward comparison. ESG investors might want to start with a hard look at the fund’s portfolio. The fund excludes companies involved in tobacco, alcohol, weapons, recreational cannabis, private prisons, and the extraction of thermal coal and “fossil fuels from unconventional sources.” The wording is nuanced — and important. While holdings can and will change, it’s worth nothing a fairly heavy reliance on the energy sector, including sizable investments in several pipeline, mining and utility companies. For many ESG investors, this could be a dealbreaker. While the fees aren’t outrageous, they’re relatively high for ETFs, especially now that there are several low-cost entrants into ESG. Investors should compare fees, performance and portfolio against other ESG funds investing in North America, and against non-ESG real assets ETFs.
CHIU|15|PendingDownload the FactSet Analyst Insight Reporthere.
VCAR|15|PendingDownload the FactSet Analyst Insight Reporthere.
MZZ|15|This ETF offers 2x daily short leverage to the S$P MidCap 400 Index, making it a powerful tool for investors with a bearish short-term outlook for MidCap U.S. equities. Investors should note that MZZ’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. MZZ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
WGLD|15|PendingDownload the FactSet Analyst Insight Reporthere.
SMN|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Basic Materials Index, making it a powerful tool for investors with a bearish short-term outlook for materials equities. Investors should note that SMN’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SMN can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
DSPC|15|PendingDownload the FactSet Analyst Insight Reporthere.
SIJ|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Industrials Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. industrial equities. Investors should note that SIJ’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SIJ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
FUE|15|This ETN is linked to an index that is designed as a benchmark for the biofuels sector, consisting of futures contracts on biofuels as well as feedstock that is commonly used in the production of biofuels. As such, the unique exposure offered by FUE may be appealing to investors who believe that biofuel demand will increase as the global energy equation evolves. It should be noted that this product is an ETN, which means that investors are exposed to the credit risk of the issuing institution. However, the ETN structure may be appealing from a tax perspective, and the elimination of tracking error may also be a benefit.
EEH|15|This ETN tracks the SPECTRUM Large Cap U.S. Sector Momentum Index, offering investors exposure to large cap stocks that are domiciled in the United States. The index also focuses on momentum, or the idea that stocks that have been performing well will continue to do so in the immediate time horizon, giving investors a way to gain exposure to this tactic. While this may sound appealing to many investors, the product is an ELEMENTS fund which means that it pretty much needs to be avoided at all costs. ELEMENTS have credit risk since they are ETNs and they generally have very low volume as well. This fund is no different and it has 20 day average volume of just 15 at time of writing. Thanks to this, the fund’s high fees, and relatively opaque holdings, investors would be better served by investing in any number of other products in the space instead of this ETN.
IVSG|15|The Invesco Select Growth ETF is among the first wave of active non-transparent ETFs. This means the fund’s stock pickers don’t have to disclose their holdings every day, unlike most ETFs. The fund’s objective is to invest in undervalued U.S. companies that have a strong growth outlook. The fund largely targets mid- and large-cap stocks but may invest in companies of all sizes. Holdings will be disclosed quarterly. For years, some active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets. The Securities and Exchange Commission finally approved non-transparent funds in 2019. Whether active non-transparent will pay off remains to be seen. While other active money-managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers can’t. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. In practice, this means many active equity ETFs, transparent or not, may lean heavily on large-cap U.S. equities. The biggest U.S. stocks are highly liquid, but they’ve also proven a challenging market for active managers and very few consistently beat their benchmarks. Moreover, some active non-transparent ETFs target the same investment strategies pursued by index funds following similar strategies. IVSG will likely invest in a significantly narrower universe of stocks than plain-vanilla index ETFs. Fees are reasonable for active management, but higher than plain-vanilla rivals. The fund may have too concentrated a portfolio for buy-and-hold investors, especially given the higher fees. IVSG launched in late 2020, so there is a limited real-world track record to compare against its index-tracking rivals. Investors would do well to compare price, holdings, performance and liquidity against broad large- and mid-cap index funds.
AFMC|15|PendingDownload the FactSet Analyst Insight Reporthere.
GBLO|15|PendingDownload the FactSet Analyst Insight Reporthere.
GBGR|15|PendingDownload the FactSet Analyst Insight Reporthere.
DTOX|15|PendingDownload the FactSet Analyst Insight Reporthere.
IVDG|15|The Invesco Focused Discovery Growth ETF is among the first wave of active non-transparent ETFs. This means the fund’s stock pickers don’t have to disclose their holdings every day, unlike most ETFs. The fund’s objective is to invest in newer U.S. companies or in established firms that are early in their growth cycle. The fund will primarily hold mid-cap stocks from the Russell Midcap Growth Index. Holdings will be disclosed quarterly. For years, some active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets. The Securities and Exchange Commission finally approved non-transparent funds in 2019. Whether active non-transparent will pay off remains to be seen. While other active money-managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers can’t. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. In practice, this means many active equity ETFs, transparent or not, may lean heavily on large-cap U.S. equities. The biggest U.S. stocks are highly liquid, but they’ve also proven a challenging market for active managers and very few consistently beat their benchmarks. Moreover, some active non-transparent ETFs target the same investment strategies pursued by index funds following similar strategies. That is the case with IVDG, which competes with cheaper, plain-vanilla index funds tracking the Russell Midcap Growth Index. Given the portfolio holdings disclosed so far, IVDG tracks a much narrower universe than the index. Are the higher fees and loss of diversification worth it? Only time will tell. IVDG launched in late 2020, so there is a limited real-world track record to compare against its index-tracking rivals. Investors would do well to compare price, holdings, performance and liquidity against ETFs tracking the same benchmark; investors should also compare it against broad mid-cap funds.
CLMA|15|PendingDownload the FactSet Analyst Insight Reporthere.
SZK|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Consumer Goods Index, making it a powerful tool for investors with a bearish short-term outlook for consumer goods equities. Investors should note that SZK’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SZK can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
EFU|15|This ETF offers 2x daily short leverage to the broad-based MSCI EAFE Index, making it a powerful tool for investors with a bearish short-term outlook for European, Australasian, and Far Eastern markets. Investors should note that EFU’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EFU can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
SCC|15|This ETF offers 2x daily short leverage to the Dow Jones U.S. Consumer Services Index, making it a powerful tool for investors with a bearish short-term outlook for consumer services equities. Investors should note that SCC’s leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SCC can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy.
LD|15|This fund offers exposure to an important industrial metal, lead, potentially giving LD appeal as an inflation hedge. However, investors should be wary of investing via the futures-based strategy as it is susceptible to contango, a phenomenon that can eat into returns. Yet, for investors seeking exposure to lead, LD is really the only pure play choice available.
AWYX|15|PendingDownload the FactSet Analyst Insight Reporthere.
MJXL|15|PendingDownload the FactSet Analyst Insight Reporthere.
BIDS|15|PendingDownload the FactSet Analyst Insight Reporthere.
SILX|15|PendingDownload the FactSet Analyst Insight Reporthere.
SINV|15|PendingDownload the FactSet Analyst Insight Reporthere.
QQQA|15|PendingDownload the FactSet Analyst Insight Reporthere.
VOTE|15|PendingDownload the FactSet Analyst Insight Reporthere.
GTEK|15|PendingDownload the FactSet Analyst Insight Reporthere.
FEDL|15|PendingDownload the FactSet Analyst Insight Reporthere.
CYA|15|PendingDownload the FactSet Analyst Insight Reporthere.
SPC|15|PendingDownload the FactSet Analyst Insight Reporthere.
BSEA|15|PendingDownload the FactSet Analyst Insight Reporthere.
PINK|15|PendingDownload the FactSet Analyst Insight Reporthere.
HHH|15|HHH isn’t technically an ETF, though it does offer exposure to a basket of securities in the internet segment of the technology industry. With two holdings accounting for close to 60% of assets, and just 13 holdings in total, HHH is severely lacking on the diversification front. For investors seeking broad-based exposure to internet-focused firms without company-specific risk, there are far better options out there than HHH.
QSPT|15|PendingDownload the FactSet Analyst Insight Reporthere.
APXH|15|PendingDownload the FactSet Analyst Insight Reporthere.
BITO|15|PendingDownload the FactSet Analyst Insight Reporthere.
BTF|15|PendingDownload the FactSet Analyst Insight Reporthere.